The Verdict: Not eligible
You are past the age limit for your passport's agreement, and it is never waived. Look instead at Italy's digital nomad, skilled migration or retirement routes, which have no age limit.
The Canadian agreement runs to 35 and the others to 30. If you also hold a Canadian passport, check your age against 35.
Which route fits depends on how you earn. The digital nomad visa is for remote work for employers or clients outside Italy. Skilled migration needs a job offer from an Italian employer. The retirement visa is for people living on pensions or investment income who will not work at all.
If you have an Italian parent or grandparent, look at citizenship by descent as well: it has no age limit.