If the concern is that the Chinese government may access data, they have been seen, as we know, engaging in foreign interference, in acts of transnational repression and in other things contrary to the individual and collective interests of Canada. An individual making use of TikTok now would have to be aware that their data may be subject to that regime.
If you are someone who is vocally counter to the Government of China or the Chinese Communist Party, you may have particular concerns immediately. If you are someone who is not in that situation, you may eventually have those concerns, and you'll have to take into account as an individual whether you want to take that risk.