For most people that probably means in practice Canada knows who you are what you download, and has it available for searching on a whim. As disgusting as it is, I think the technical among us already assume every spy agency everywhere is doing at least this much behind closed doors, so it's not a shocking revelation.
My reaction can best be summarized as sadness. I was never under the impression my home country was somehow better than the states, but it's sad to have evidence of that.