I'd like to believe we would be prepared for it, but we are CERTAINLY not prepared for a worst case scenario at all. The worst case scenario with this virus would overwhelm any health care system, including ours.
Here's our curve as of March 14th: https://www.macleans.ca/society/health/coronavirus-in-canada-these-charts-show-how-our-fight-to-flatten-the-curve-is-going/
It's not flattening yet, but it needs to soon. Some countries especially in Asia are really flattening it out, which gives hope to the rest of us:
https://www.visualcapitalist.com/infection-trajectory-flattening-the-covid19-curve/
I know it may seem that our Canadian system is well prepared for it, but they admit that they would not be if this thing were to continue on this trajectory. It's not just a matter of beds, it's a matter of staff. It's a matter of whether or not the staff has been exposed or infected and how well you can quarantine that many people that have the virus. They need personal space, private rooms etc. so that they aren't circulating the disease.
So yeah, we can take a few hundred or a few thousand, but if we hit 2-3% of our population, there's no way we'll be able to handle it even at max capacity. We just don't have enough space or bodies.