Currently, Meta is testing their systems on 5% of Canadian users to block news links. Their press release said that they will activate full blocking 100% before the bill takes effect. While the bill has received royal assent and is now law, there is the process with the Governor in Council where they figure out when provisions take effect. I've read through the text of the bill and re-read the Coming into Force provisions (at the end of the bill), but there doesn't appear to be any hint as to when this takes effect beyond another government body figuring this all out.
So, for now, Meta is only continuing their tests and Google is rumoured to be speaking with the government on how all of this is even going to work. The government has had a long history of refusing to listen to anyone daring to criticize the bill, let alone anyone related to the platforms, so I'm not exactly holding my breath over the Google talks.
We're kind of in a weird calm before the storm moment with all of this. I don't know what the link blocks will look like or how severe everything will be, but barring some sort of miracle at the 11th hour, it's only a matter of time before things get ugly.