According to the PBO, spending would have to rise substantially, but is doable while still staying within the current government's debt-to-ratio goals. So, it can be done, if the will is there. The current stated goal is to get to 2% by 2032. Realistically, I can't see how we could ramp up defence spending much faster given the current constraints around procurement.
www.pbo-dpb.ca
I think it is also important to counter the narrative that Canada is somehow not contributing to collective defence that some on this forum seem to delight in doing. Here is a list of current operations:
Discover where the Canadian Armed Forces are currently deployed on operations in Canada, North America and around the world.
www.canada.ca
The best bang for the buck, given we can't
buy stuff fast enough, is to boost the O&M budget to increase training, and address maintenance and spare parts shortages. However, that would still be nowhere enough to get us to 2% in the short term.