I will try to be general as I don't know what province this is and in what jurisdiction and what utility zone.
You are going to have to arrange a work with the utility. I am assuming that the utility will accept the raceway size for 200 amp service. Assuming they change the wire then they come in the morning, You install a new meter base if that one is not a 200 amp meter base. (it looks like it might be a 200) You change the panel and entry conduit and terminate the new ground and service conductors. Your inspector comes by and says good to go and the utility connects the new wires and plugs the meter. In advance of this you should identify the branch wires for the circuit they feed and the breaker sizes. Do your grounding so it is ready befor they cut power. Any drywall and framing should be cut or at least ready for the new tub size. Figure out if you are going to need to raise or lower the new panel to meet the 1.7 meter to highest breaker rule and if you can do it with a 90 or an LB. The actual change over can be done in a day if your ducks are in a row. Will the utility allow you to pull the meter? If so You can be working inside while waiting for the utility. Is their a good neighbour that will let you plug in for saw power etc. Does the plug they let you use work? Do the utility work first as they won't wait for you to terminate branch circuits before you terminate the utility conductors. You also want to be able to close the service entry section before you do the branch wiring for obvious safety reasons. Don't do this on a Friday because if there is any delay on reconnection the utility won't be back before Monday and that is too long for a fridge to stay cold.
If Hydro need’s to pull a new line UG, it is about $570.00 for a 200A, and about 70 to 100 cheaper for a 100A, but that sure looks like a 200A MAX base to me in the picture. If the UG PVC is 3 Inches dia. as it should be, then you have the cat in the bag as it were if you need to go to 200A.
At least the code has made provision in RESIDENTIAL ONLY, for us to use a 2/0CU for 200A service instead of 3/0 now, and a #3 for the grounding conductor as it always has been, ( 200MCM AL instead of 250MCM AL IN PLACE OF THE CU)), but must have protection as it leaves the outside wall into the soil to the GROUND PLATE, 10’ Rod’s or the new ELECTRODE METHOD, so we use a piece of the plumber’s pvc water line and slide it over first. Wagnerenterprises@telus.net