“Product of Canada” means the manufacturing happened in Canada and the majority of ingredients are of Canadian origin. It does not have any relevance to who owns the company.

For me , purchasing decisions happen on a sliding scale with “product of Canada, Canadian owned company” at the top of the scale, and “made in USA” at the bottom.

But between those extremes there are things like: “made in Canada by foreign owned company”, “made using Canadian ingredients”, and “made in any country that isn’t the USA” which can be acceptable choices if a better category isn’t available.