It's enforceable in the same way that corporations are required to be truthful in their advertising. If they're not, six people--they don't have to go through a politician--can file a complaint directly with the Competition Bureau. The Competition Bureau is required to investigate and rule. Sears Canada was found guilty of false advertising through this exact method a year ago.
Corporations are also required to be honest with their shareholders. They have to state everything accurately. If they don't, shareholders have grounds to sue, and so do securities commissions, which are independent enforcement agencies that enforce that law. Corporate leaders cannot lie to consumers or shareholders, so political leaders, public servants, should not be allowed to lie to the public. I don't see the bars that you see there now legally against being dishonest.
If you're talking about the breach of trust in the Criminal Code, how many times have you seen that enforced? We need a civil process. We already have it in the ethics code and there's no reason to remove it. I think it's being removed because David Emerson was accused of not acting with honesty. So the government realized this was a potent rule and it had better get rid of it.