This is an issue that the international community is grappling with. In Bill C-27 you have provisions about making sure that other countries are providing similar levels of protections through contracts. Other regimes have more detailed rules about this, for instance, looking at the GDPR, which has the adequacy regime.
There are a number of models for that, and what's important is making sure that the privacy of Canadians is protected with the data that leaves Canada.