The IRGC has a naval branch, the IRGC Navy, which operates small missile boats, a large number of them, and has also recently commissioned missile corvettes. It has control of the Persian Gulf, the Strait of Hormuz and the shipping lanes to and from that strategic water lane.
One possible repercussion could be the targeting of Canadian-flag or Canadian-affiliated ships that use the Persian Gulf, the Strait of Hormuz and the Gulf of Oman, by measures such as seizures and other intrusive activities. Even more serious actions could be considered.