Canada currently spends approximately $3 billion a year in official development assistance. To reach 0.7%, it would spend about $6.5 billion a year. Putting it that way makes it seem like a really big amount. However, as a percentage of the federal budget, it is not that much. As you know the expenditures in the federal budget total hundreds of billions of dollars.
On October 4th, 2017. See this statement in context.