Like most anti-spam legislation, this will both hurt legitimate businesses trying to send email to people they've done business with in the past, as well as do nothing to stop spam. Spammers are still going to spam. They don't care about Canadian laws.
Spam filtering is pretty good these days, I don't get much spam to my inbox that isn't CAN-SPAM compliant. The interesting take away is that Canadians are still getting pissed off enough at CAN-SPAM passable spam to pass new legislation. In other words "legitimate business" is pissing people off so much that the state is willing to intervene.
Gotta maximize that traction to further synergize revenue streams.