I have provided some assumptions below that indicate Canada can never afford 65 F-35s. The government has already stated they want to keep within the $16B budget. So, with that, how many F-35s can they afford?
One of the key assumptions is that the aircraft becomes a combat capable system. With all the troubles, we don't know.
It is foolish to buy anything before a low-rate-initial production batch 9 aircraft. If there are no other technical show stoppers (unlikely given the history of the program), a concerned buyer wants the final Block 3f software and all the bugs and major technical problems worked out. LRIP-9 is about as early a buy as you want to go.
If Canada doesn't fly the jet much, they might be able to park all 65. They won't have a combat capability of worth though.
The flying hours I have shown below are scary. 180 hours a year per airframe only gets you one pilot per jet with minimum qualifications and recurrent training. This is not a reasonable combat deterrent unless all your air wars are 1 sortie per F-35.
The chart does not show extra things like facilities and some other needed accessories. For example: those AIM-120D AMRAAM air-to-air missiles at $2.5M each.
The DND still has a lot more work to do in order to prove this massive military acquisition to the taxpayer.
(click image to make larger)