Speeches are just talk. If I understand this bill, it makes it illegal for service providers that operate in Canada to avoid gathering unnecessary metadata about end users. It also makes it illegal for them to demand a warrant when the government (or US government) asks for the data.
We don’t have to imagine what this data will be used for. If someone goes through an airport and privately spoke to a Trump critic, CBP will use that to extort or disappear them.
The goal of this bill is to let the US censor private communication overseas.