Some thoughts on (i) what the new law actually says about qualifying for the Olympic/Paralympic event exemption, and (ii) how you might get into this type of shooting:
It's important to understand the exact text of new s. 97.1 (b) of the Firearms Act, as added by Bill C-21:
"43 The Act is amended by adding the following after section 97:
Exception — handguns
97.#1 Sections 12.#2 and 19.#1 do not apply in respect of an individual who
(a) holds an authorization to carry in respect of a handgun; or
(b) meets the prescribed criteria and provides a letter to a chief firearms officer from a provincial or national sport shooting governing body indicating
(i) that they are training, competing or coaching in a handgun shooting discipline that is on the programme of the International Olympic Committee or the International Paralympic Committee,
(ii) the disciplines in which they train, compete or coach, and
(iii) that the handgun in question is necessary for training, competing or coaching in those disciplines."
That sets up two requirements. The first is that you meet "prescribed criteria". We don't know what those are going to be. The government is going to set them out in a Regulation later. The second is that you get a letter from the national or a provincial sport shooting governing body to the CFO (not FROM the CFO). The national body for Olympic/Paralympic shooting is the Shooting Federation of Canada. There are various provincial bodies. That's what this law says is required.
If I were a person (with an RPAL) interested in getting into this type of pistol shooting, I'd find a club where some members are already doing ISSF pistol. I'd ask them to let me start shooting with them, using a loaner pistol if I didn't have one already. Chances are they'll be glad to welcome you, if you show serious about giving the sport a try, and follow the safety rules carefully. That won't be a problem for anyone already in IPSC or IDPA. Likely the guys in the club will have some spare pistols. Then I'd join the SFC and start submitting my scores from the matches at the club to the SFC's Coast to Coast Championship series. That's to get classified by the SFC, and build a record to show serious participation in the sport. If you have a 22LR pistol already you can start with your own pistol. Although the official distance for the Olympic/Paralympic events is generally 25m, at the club level events are typically conducted at 20 yards, using adjusted targets that the SFC supplies. The course of fire is not difficult. Even if there's no club with an ISSF group in your area, it's possible to start shooting matches (and submitting your scores to the SFC) independently, if you've got access to a 22 pistol. A target return system isn't required. You can shoot outside. For a shot timer, just download one of the apps for an ISSF shot timer to your phone and play it thru the phone or a connected speaker. (The Android app is free; for the Apple you pay.) I know people who shoot ISSF pistol quite well with a Ruger or S&W 41 or Model 17 revolver. I've never seen anyone use a polymer pistol or one of the faux 1911 22s well enough, because of the accuracy limitations of those platforms (not saying it's impossible). An anatomical left or right handed grip is very helpful (and available at modest cost for pretty much any stock pistol from a guy in the USA who custom makes them with a 3D printer). You don't need to spend $3K on a Pardini SP or Walther GSP pistol and wouldn't shoot it any better as a novice anyway. It may take some time to get to where you can score competitively shooting one handed at 20 yards if you don't already have that skill, but that's a matter of time and practice. ISSF shooters don't look down on newcomers to the sport.