Canada tried to get social media companies to pay a tax for Canadian news articles and the response from companies was simply to block access for Canadians. Any regulations would likely go the same way.

The EU can force sites to comply with their regulations because they're a huge market. Unfortunately, Canada isn't really that big of a market. If Canada decided to punish companies for spreading disinformation, they'd probably just block Canadians from accessing the sites and claim its because the Canadian government are evil dictators against free speech, and everyone would believe them.