I've never been a fan of the notion that we need to spend massively more on defence. What we need is a government that will actually take a thoroughly analytical approach, consider the capabilities we require and then fully fund them. No more hollow units or doctrine with weapon systems we either don't have or have been removed from service as a cost cutting measure. 
Part 2 would be a process of continual efficiency review and validation of our stunningly top heavy, process-mired defence bureaucracy. 
Successive Canadian governments have completely abdicated their leadership role in running defence and largely just tinker around the edges of the institution or play football with the more expensive procurement programs. 
American taxpayers are being impoverished by out of control defence spending amounting to corrupt corporate welfare. Beyond a certain point, it only serves to maintain the glory of the empire and the superiority of their self image.