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I don't think he actually cares about Canada specifically. The point is to alienate the US from its allies and reduce any kind of powerful diplomatic mediators or military deterrents so Russia and similar traditionally colonial powers can just start seizing whatever territory they want.
I think there are two things he wants here..and by "things he wants" I mean things that will make him and/or his wealthy oligarch buddies rich and grow their power.
The first and more near-term goal is the upcoming tax cuts for the rich, which will be trillions of dollars. To fund this, he sees at least three vehicles, that he has been pushing despite the failings of all three: (1) savings from DOGE, (2) the new gold visas, and (3) tariff income. All of these ideas are absolutely dogshit for creating income, but he seems to think they will. In his previous time in office, he even tried to use tariffs in this way. He sees tariffs as income and he's made it clear. He knows the tax cuts will be hugely unpopular so he has to build up a story as to how they can be afforded. In the meantime if a bunch of rich short sellers make money off of market manipulation, so much the better.
The second goal, and probably more in line with the objectives of the oligarchy in the US as a whole, is to make Canada even more subservient economically to the US. They want a quiet corporate takeover of Canada. They want to depress the value then but it all up, after which we're even more fucked than we are now. We need to cut this option off and just accept that we need to nationalize these industries, and restrict or even exclude American investment. I think the Canadian government should own at least 51% of key strategic resources, such as telecom, oil, hydro, potash, and media.
In summary, the Americans are now our enemies and should be considered as such. They want to damage our country and assume control of it. They are outright saying this. We need to stop being so fucking naive, and take solid action to prevent it.
So Trump is not acting based on goals he has for the US, he is acting on goals for the global oligarchy, doesn't matter if you're a Canadian or US billionaire he wants you to be able to continue exploiting.
If putting Canada under the jurisdiction of a more compliant country like the US makes that easier great, if instead the conservative parties in Canada can be propped up great. You have plenty of MAGAs in Canada, They're not just in the US, so we all could do some house cleaning. The US is just the cautionary tale.