Of course, private companies always tend to pass on the operating costs to the customers. If Air Canada were subject to administrative monetary penalties, they may end up in the operating costs. We have no real control over that.
However, there would be an advantage. Private institutions are in fact often very aware of the financial risks they incur. When they have to make choices and to follow priorities, they often avoid doing things that involve financial costs. Lawyers who advise private companies often advise them, given two choices, not to make the choice that would have financial consequences.
Despite the fact that what you are saying might materialize, a mechanism such as administrative monetary penalties is effective because, ultimately, it has financial consequences. This usually discourages private institutions from doing something that would harm the profits they might otherwise be making.
Hiring bilingual staff can be expensive for Air Canada, but, if the company has a choice between hiring bilingual staff and paying administrative monetary penalties, it will probably choose the method that will cost the least.
This may discourage a federal or private institution from continuing to behave in a way that prevents it from saving money.