Unfortunately, we currently have a majority government, which means there's fuck-all we can do unless a large number of Conservatives decide not to toe the party line (which would be very unusual) or the government gets hit with a vote of no-confidence in the near future and is forced to dissolve for an election (even more unlikely). Our best hope at this point is that this bill and others like it get stuck in committee and/or the senate for so long that they "age out" and are auto-killed when Parliament enters recess, before they come to a vote (this is what has happened to previous, similar bills). Sufficiently vocal protests from the right places may increase this one's chances of dying in committee. Or not. Generally, we never find out for certain why a particular bill is allowed to die.
Everyone knows this bill is a bad idea, but the Conservatives have this nasty habit of brown-nosing to the States. Which we can't do fuck-all about, either. Of our other two major federal political parties, the Liberals ended up at the center of a corruption scandal a while ago that they still hadn't recovered from at the time of the last election, and the NDP still hasn't pulled itself together after the death of Jack Layton. The Green Party is lucky to have two people in Parliament at any given time, the Bloc only cares about Quebec's local concerns, and no other party has succeeded in getting a federal MP elected in the past decade or so.
tl;dr: Canadian politics is fucked up—just not quite in the same way American politics is fucked up, thanks to campaign contribution limits and other such details.