The European privacy law that applies to you if you hold data about people in the EU, even from Canada.
Like a foreign country's customs rules: if you ship to that country's residents, you follow their rules at the border no matter where your shop is.
A three-person Canadian tour operator with European guests kept booking records in a spreadsheet forever. A guest asked for her data to be erased and the owner had no idea where all the copies were. The follow-up complaint cost weeks of correspondence.
A privacy policy and a data map are vCIO outputs available today. Compliance documentation as its own card is still being shaped.
Example scenario: A small language school in Canada with students from Europe received a data access request. Because they had a short data map listing their four systems, they answered in a week with everything held about the student. The request that could have been a crisis became a routine task.
I'm in Canada. Does GDPR apply to me?
If you market to or serve people in the EU, yes, in principle. If all your clients are Canadian, PIPEDA is your law. Either way the good habits are the same.

Every WILDCARD card exists to solve one named problem. Find yours.