Assuming the legislation passes, what would change is in the past the commissioner of Canada elections had a pretty stark choice. For instance, if you didn't close the bank account on time, they had the choice of taking you to court or encouraging you, but had no proportionate instrument that they could use to get you to comply. Now with administrative monetary penalties, the commissioner has a broader range of tools available to get better compliance from third parties and political parties.
On May 28th, 2018. See this statement in context.