Derived from the name Canada, canaDAY Land (Pronounced cah-nah-DAY Land) is coined originally as a derogatory term for Canada for their lack of global presence in wars and them being known for always being nice to people (dependent on area). The term itself, canaDAY Land, was created with meaning, where the "cana" was taken from Canada, the "DAY" was to signify how they are always nice and see the brightside of things, and "Land" is because this is just about as mythical as wonderland. Later the term was adopted and put into a more positive light by them (Canadians) saying they have less troubles and problems, and are overall peaceful, and it was no longer seen as a derogatory name (unless used within that context).
person A "Dude, I'm sick of being here. I want something better. I'm going to Canada!"
Person B "Don't you mean, canaDAY land, Land of the awesome?"
Person A "They don't do a damn thing, being little scared wimps!"
Person B "That's canaDAY Land for ya!"