The bill, as it's currently scoped, does protect freedom of speech, in that it requires proof both of the intent to deceive and of the existence of false claims made with the intent to undermine the conduct of or affect the results of an election.
In truth, in narrow time periods during campaigns, it does pose difficulties to regulators who want to try to identify and take action on false claims that are spreading about election processes. In the recent B.C. election, there were a few cases of false information being spread about the election. In the end, Elections BC didn't use its authority to require transmission of that information to cease but found other ways to address it.
It is a significant burden, but an appropriate one to protect speech and freedom of expression.