Well that's the crux of it and why some VPN providers have pushed back. If the law passed, and if those VPNs got added as core providers, they would either need to log the metadata or stop operating in Canada, and several have said they would stop operating in Canada.

There are arguments for all sides, and I do think the narrative gets monopolized by the hysterical. On the one side I like torrenting without concern, but on the other it would be nice if services didn't provide cover for people to send death threats, bomb threats to schools because they fly a pride flag, VoIP swatting, and so on. Though ultimately limiting just VPNs directly operating in Canada just offshores the problem so the solution doesn't really achieve anything.