In military terms Canada is a middle power. We shouldn't have delusions of grandeur - unless a drawn-out world war breaks out again, Canada will never have a military like it did in the first half of the 20th Century because it has no need for one. It's odd to think of it now, but back then we had a pretty serious military. We had an industry that manufactured Halifax & Lancaster bombers that were flown to Europe for immediate use. We had a pretty serious training infrastructure in place. Heck, we even had aircraft carriers that we sold to the US.
But after WWII, Canada made a concious decision to step back from being a military power and embark on a quest to be recognized for its diplomatic power instead. Today, as a middle power we have a hard-earned reputation for being a solid moderate. Canada can be counted on to be deployed to the hot spots and help to seek a peace. It doesn't always work, but someone has to try; why shouldn't it be us?
To that extent I support increased military funding. We need more troops and we need to equip those troops with the hardware and logistical support to keep them safe in areas that are inherently dangerous. $12.8 billion over the next 5 or so years is a great start, but I sure hope there's going to be more. As a one-time outlay that's not bad - we should be able to buy some new equipment. But buying stuff is easy. Keeping it in working order is the hard part. Look at the subs - as a capital expenditure they were relatively cheap. But fixing them up and maintaining them has already proven to be difficult and expensive.