As a Canadian, I believe this law is just plain wrong. While I think it might be a stretch to say it's "censorship", this law will be bad for consumers as it will inevitably increase the streaming costs for Canadian consumers. More accurately I think it's the simply the government using the law as a shield to ask for handouts for Canadian content producers from independent companies. As well, I've always viewed the CRTC's requirement of a minimum percentage of Canadian content on media to be, at best, misguided. I've always firmly believed that if Canadian culture needed legal protection to exist (it doesn't), then it doesn't deserve to exist. Though I have no evidence per se for this, given the size and power of the CRTC I believe they have likely been captured by established media outlets (eg CBC, Global, Telus, Shaw, etc).

Fundamentally, Canadians can produce good content that ends up on streaming... and we have - Schitt's Creek, Kim's Convenience, Orphan Black all come to mind. Point is, we don't need legal protection to make good content. In fact, all this law will accomplish is it will dilute the good stuff because streamers will treat it as a box-checking activity and will produce whatever garbage they must to meet the regulatory requirement.

https://www.giantfreakinrobot.com/ent/netflix-streamer-regulations.html