In the context of the government, it means pretending every governmental institution is 'systemically racist', despite there being no evidence of this. It means tilting the playing field in favor of every group other than straight white males - tilting it more depending on how high on the hierarchy of victimhood various identity groups are, and allocating resources to them ahead of others, including hiring, promotions, awards and grants. As well as requiring all people and organizations bow to the same social justice view or face governmental punishment.
It means giving preference in applications, be it for awards, grants, jobs, or university admission to people whose skin color is not white to somehow or other recognize this 'racism' even though the great majority of them were either not born in Canada, or are children of first-generation immigrants. This was and is a moronic policy in the US but at least they could claim they were trying to make it up to blacks for slavery, segregation, etc. There is no excuse here but the Left simply lifted the whole social justice framework from their progressive American counterparts and plunked it down here.