I'd assume ratings *do* matter to Teletoon and most other Canadian networks, most of said networks being commercial like their US bretheren; a big exception being CBC, which is supported by the government (but still airs commercials), along with some regional noncommercial networks like TVOntario (an Ontario-only version of our PBS).
Canada does offer various tax breaks for producing entertainment within its borders---one reason Hollywood likes going up there to shoot films. As others noted, Canada gives such support to help develop its own entertainment industry (versus merely relying on airing imported American shows only---which they get as it is anyway), to the point that Canadian broadcasters are also required to air a minimum level of shows with Canadian content in them (or Canadian-produced).
If anything, I figured Canada's animation industry seems pretty strong as far as I can tell, with several major animation studios there (Nelvana, etc.).