No. The act would only apply to "digital news intermediaries that occupy a prominent market position". Unless an instance starts pulling in millions of dollars, the act wouldn’t apply.
From what I've heard they're going to keep a list of big platforms that count. Nobody is going to put a little Lemmy instance on there unless the law is being deliberately misused.
Canada's new bill forces companies who shares a link to a Canadian news outlet to pay the outlet called a "link tax". Google doesn't want to pay the "link tax" so they got rid of every search result to Canadian news outlet in response. This effectively ensures nobody can see the news from Canadian news outlets through Google.