Yes, in two respects. First of all, the bill paves the way for the adoption of international information-sharing agreements, including with countries that have problematic human rights records. That's one problem.
A related problem is that the metadata retention regime has no limitations on who can access that metadata. Once it's kept, any government can force a multinational company that's active in their jurisdiction to disclose that data, which would not have been kept if the company was not forced to keep it, about people in Canada.