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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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Fighter planes are very expensive to develop.
The F-35 program cost something around $1.7 trillion. ~~That's several times the annual GDP of Canada.~~ That's more than half of Canada's annual GDP.
A better bet would be to enter some joint development program with partners in the EU.
That is not several times Canada's GDP. Maybe you meant many many times Canada's annual military expenditure.
Regardless 1.7 trillion Is a lot of money
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.
Sorry. That was an error on my part. I'll correct it.