ExFat Format
What File Format does Canon Uses?
Canon recommends initializing the SD card before using it. This ensures that the card file structure is compatible with the camera. Just remember that initialize means erase and there's no way to recover the data on the flash drive.
The nice thing is that the card name is "Canon", it's easy to find when you put it on the computer. Other camera devices use the word "Untitled" -thanks, Nikon. GoPro renames the disk ".trash" I don't know what that means.
Why exFAT?
exFat allows files greater the 4GB to be stored. If you are using FAT32 your file size limit is 4GB. This means that the camera would have to split the video file in order to save it on the disk.
SanDisk Memory Cards
All SanDisk memory cards larger than 64GB use the exFAT file system. So there's no technical reason to initialize the drive - right out of the box.