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.
From what I understand, those are fine if you're going up against enemies that don't have stealth (and all the ancillary technologies that go with it).
The general military analysis is that the F-35 and J-35 are superior to anything else in the air and are similar in capabilities to each other. Conflicts between them will come down to who can make more of them faster. Conflicts between one of them and an older generation fighter seems to be, they'll blow you up before you can see them.
EU better get cracking and start making stealth planes.
They're being researched. It looks like there is a lot of funding pledged to the program.
If those funds get cleared, they will be part of a 10 year research phase.
That means that by 2035, they'll be ready to start thinking about how to start building prototypes. There were predictions of earlier prototypes but they seemed to have gotten pushed back.
So the Tempest and FCAS could come eventually. Canada may need some planes before that.