In effect, your making reporting of significant breaches compulsory is not going to change practice. You are going to look at these on a case-by-case basis. You will be working on an ongoing basis with the institution and you will be working with the private sector to figure out guidelines as to when it will actually be necessary to report a breach.
Evidence of meeting #33 for Access to Information, Privacy and Ethics in the 39th Parliament, 1st session. (The original version is on Parliament’s site, as are the minutes.) The winning word was pipeda.
A recording is available from Parliament.