The concern, in general, is that the parent company of TikTok Canada is a Chinese entity and subject to PRC laws, which could compel them to act in ways such as getting data or using the platform for other means that the Communist Party of China sees fit. That risk continues to exist.
Evidence of meeting #145 for Access to Information, Privacy and Ethics in the 44th Parliament, 1st session. (The original version is on Parliament’s site, as are the minutes.) The winning word was data.
A recording is available from Parliament.