Nothing you’re doing is inherently wrong. The Trash Can has Xeon processors so it doesn’t have hardware accelerated encoding so H.264 encoding is very slow compared to a comparable MBP or iMac. Even the 2017 iMac Pro, which is also Xeon, hooks into the GPU to do hardware accelerated encoding.
With the Canon Vixia MTS you’re likely encoding H.264 to H.264 which is going to be slow allow around (decode and encode) compare an i7 or i9 processor with integrated GPU.
MOV is a container, not a codec. If it’s H.264 MOV it’ll still be slow going comparing to ProRes MOV but that’s still another conversion compared to just re-wrapping (which is what you might be doing in EditReady.