The UK and Canadian Governments reached a temporary deal (TCA) in November preserving the vast majority of the trade in goods and services terms currently applicable between the two states. These derive from the EU-Canada trade agreement (CETA). Both Governments decided to rollover this agreement temporarily - taking effect in January 2021. This will be pursuant to a new free trade agreement being negotiated between both states, envisaged to take effect in late 2021. 

98% of Canadian imports to the UK will therefore continue to be tariff free after 1 January 2021 avoiding potential 8% tariffs on imported Canadian bacon, salmon and maple syrup for UK consumers.

The Canadian Government’s statement on the agreement is here:

https://www.canada.ca/en/global-affairs/news/2020/11/canada-successfully-concludes-talks-on-transitional-trade-continuity-agreement-with-the-united-kingdom.html

And the UK Government’s statement here:

https://www.gov.uk/government/news/uk-secures-vital-rollover-trade-deal-with-canada-and-agrees-to-start-negotiating-more-advanced-deal-next-year

There are issues with ratification in the Canadian Parliament so the UK and Canada have signed a Memorandum of Understanding to ensure the flow of goods after 1 January until ratification. This keeps in place:

• Tariff-free trade for UK and Canadian businesses exporting goods eligible for preferential treatment under the TCA
• Access to Tariff Rate Quotas is maintained for products covered in the TCA
• Rules of Origin that enable EU content and processing to count as originating in the UK as set out in the TCA

Guidance on trade with Canada after 1 January 2021 is here > http://www.gov.uk/guidance/summary-of-the-uk-canada-trade-continuity-agreement