Read the bill and while not a lawyer, it's pretty clearly targeted at big corporations; two specific bits which likely make it non-applicable:

• (a) applies in respect of a digital news intermediary if, having regard to specific factors, there is a significant bargaining power imbalance between its operator and news businesses

• (d) requires the Canadian Radio-television and Telecommunications Commission (the “Commission”) to maintain a list of digital news intermediaries in respect of which the enactment applies;

Lemmy instances don't have a bargaining power imbalance (or, really, ANY power to bargain at all), and the CRTC would have to list you as a 'news intermediary' for it to apply.

Does this only affect if you are profiting off of those links (like selling ads etc.)?

If yes, I my opinion it should be OK for lemmy as lemmy instances doesn't make profit ex. selling ads.

tl;dr:

Meta is sticking to its guns-the social networking giant says it will follow through with its threat to cut off Canadians' access to news on Facebook and Instagram following the passage of the hotly contested Online News Act. The news shutdown could significantly rattle news access for the more than 20 million Canadians who use the social networks, choke news outlets' revenues, and set the stage for similar policy skirmishes around the world. In a nutshell, the legislation would force Meta and other internet companies like Google to pay news publishers when they reproduce their content, as they do when a users posts a link to a news story. Meta claims the news blackout won't affect other parts of the Facebook and Instagram app experience. Facebook and Instagram briefly cut off news access for an estimated 17 million users, leaving essential services like hospitals and fire services caught in the crossfire.

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