When it comes to domain names, does it matter where the server is located? Let's say the server is in Canada and I have a
.com domain, will this effect download speed? or is the
.com just a word?
As a general rule you'll want your server to be as close to your customer base as possible to optimize download speeds. So if your customers will be in Canada, then you'd want your server to be in Canada. Optionally, you could also use a CDN like Cloudflare to optimize delivery speeds globally, with additional security.
But the Top Level Domain (.com) of a domain name will not affect it's speed.
.com is just a word, it won't affect your website load time! Website load time depends only on the servers and not about domain name!