That's correct. Bill C-54 does not change anything in the Criminal Code as it applies right now to what we refer to as the age of consent and a close-in-age exception, so it does apply. If a person over the age of consent engages in consensual sexual activity, it is not an offence. If the person is below the age of consent--14 or 15 years old--and the other person is less than five years older, it is not an offence if it is consensual.
On February 16th, 2011. See this statement in context.