While it does not spell out the actual dollar value of potential compensation, industry experts suggest it is $400 or greater, depending on the delay or inconvenience you are caused. (Albeit something you volunteered for.)
In 2013, the Canadian Transportation Agency ruled against Air Canada saying their schedule of payment was insufficient. In their ruling, they mandated higher compensation, as high as $800 in some cases. Here's a CBC news article to that regard, from nearly 2 years ago.
Air Canada's new guidelines and explanation is dated July 20, 2015.
This now puts Air Canada more in line with Delta Airlines and their $200/$300/$600 compensation structure. I have, at least 5 or 6 times, been alerted at the kiosk by Delta of their need for possible volunteers. Their kiosk asks you to name your compensation requirement at time of automated check-in. And one can only assume, the passengers who volunteer and offer the lowest bid are selected.
I personally have chosen to 'bump' and indeed our family of 4 was awarded $600 per person in future flight credits. (That's $2400 in free future flights that we received.) It was sweet! And we hardly minded the inconvenience. Heck, I believe we even toasted Delta on our subsequent free flight to California.
While not making it to your destination on-time can be annoying, it can also be an opportunity for discounted future travel.
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