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It may provoke Trump, but Canada should cancel the purchase of F-35 fighter jets from the U.S.
(www.theglobeandmail.com)
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Join GCAP (Global Combat Air Program) or FCAS (Future Coma=bat Air System). They are both multi-country projects to develop next gen fighter jets. Off the top of my head, GCAP is UK, Japan and Italy where FCAS is Germany, France, and... I'd have to look it up, and I'm feeling a bit lazy.
Assuming there is no schedule slippage, they won't deliver aircraft until 2035 and 2040 respectively though, so we would still need a stop gap. I'm partial to Gripen, and Sweden has flirted with joing GCAP as well, so that might be a good way to reivigorate Canadian aerospace, in cooperation with the other GCAP countries and Sweden.