Absolutely. The international norm now is life-plus-70. It has been for a long time, so all of Canada's major trading partners have been at life-plus-70 for a very long time. Canadian rights holders are at a disadvantage when in Canada the term of protection is shorter than what it is in the rest of the world, so this will allow Canadian creators to be more competitive and Canada to be more competitive in the cultural sector.
On May 24th, 2022. See this statement in context.