It's time for a lot of things, infrastructure-wise.
Here's an idea: let's bring back 1960s-level marginal tax rate. That'd fund a bus service, a lot of affordable housing and quite a lot of healthcare. Add in much higher capital gains and estate taxes and we'd be there.
It would be a good start towards having rails service in the big urban corridors. Especially Toronto-Montreal and even Calgary-Edmonton. The latter not being as densely populated, but super easy to build.
Travelling long distance by bus is akin to torture so ideally in the medium term I think we should be building a network that combines both. A bus network that could bring us into rail hubs where we could hop on a train for longer trips. Longer term we should be transferring over to high speed rail generally.
There's no financial benefit to having such a network in Canada given airplanes exist for quick travel. There simply isn't a need to move a large number of Canadians across the country on a regular basis, and the country is HUGE. Building that much high speed rail would be a waste of resources.
We'd be far better off investing in a connection for Vancouver down the west coast of the US, and Toronto/Montreal down the east coast of the US.
If they're fully electric (and power stations are built for them accordingly), sure, but I'd rather have that be a temporary thing as (and take a back seat after) passenger rail services are expanded.
Let's focus on transit where the people are instead. In the GTA, if you're more than a couple minutes from a GO Station, getting somewhere takes an order of magnitude more time than driving. In Montreal, a 20 minute drive can take more than an hour on bus / metro, and force you to cover 2x-3x the distance.
For smaller communities, focus on carpooling instead... If I had a dollar for every car with one person in it on the highway, I'd have enough money to fund... a... uh... national bus service.