Ostensibly the bill is intended to protect children from online predators but once the camel (in the case the government) gets its nose under the tent (in this case your privacy), it is very difficult to scale it back.
The Huffington Post Canada has some very good coverage of the story.
Couple this story with other stories of the "new" internet and Google's consolidation of its privacy and proposed legislation in the USA such as SOPA that was successfully curtailed thanks to internet campaigns and opposition from online groups such as Wikipedia and you can see the cause for concern.
I am reminded of the famous phrase often attributed to Jefferson that the price of liberty is eternal vigilance.