As Minister Anandasangaree has discussed in public, the bill is not designed to give access to encrypted materials. It's designed to provide the information about which account is using a network and the subscriber information—again, with the authority of a court—that could be disclosed as part of an ongoing criminal investigation.
I don't share your concern, but conversations are obviously ongoing between parliamentarians and private sector entities who've raised similar issues. I would encourage you and others to continue that conversation with the public safety minister.