Nah, i would probably go for the RX 9060 XT OC
16 GB in your case. It is close to 500 CAD but surely a very capable 1080P card, even better than the B580, especially with the new Adrenaline drivers.
In my country i could never get this card so cheap but for you it may look pricey.
RTX 5050 vs ARC B580 vs RTX 5060 vs RX 9060 XT - Test in 20 Games
https://www.youtube.com/watch?v=7wGhsL9td5I Do not go above 1080P, it is just not your budget. Although this card surely can handle some 1440P gaming with reduced settings. You may not want to use much RT but this card got some RT performance which is able to handle many RT titles for certain, at medium RT at least.
There could be even better deals available, i dunno.
https://www.bestbuy.ca/en-ca/product/sapphire-pulse-amd-radeon-rx-9060-xt-16gb-gddr6-video-card/19351496 Besides: The 9070 XT is about twice the price but not always twice the performance, just in some rare cases. So, it is less bang for the coins, and the 9070 XT is surely a 1440 P card.
https://www.youtube.com/watch?v=btTywF4x5SM