My take:
For the army? Yes. Ukraine is crippling Russian ability to attack Europeans with a chance of success the short term, and the Europeans will have enough time to rearm to take on Russia by themselves. in a 5 year window they can do it.
For the Airforce? Yes with some gaps. They are quite a long way into their modernization. F-35', P8, MQ9B's are all in the pipeline. They just need to unf*** their training right now. 5 year window they will mostly be ready (helicopter fleets notwithstanding).
For the RCN? No. Naval conflict in Asia is sooner than later. JSS 1&2 will be ready but there won't be a single new combatant ready in the next 5 years barring the subcontractors/LMC/Iriving going to 24hr and three shifts. Navy is going to be on convoy and "plug into allied task group" duty, if not only defense of Canada duty. It will be like WW1.
Industrially? I dunno.