The creation of a Canadian Press C0uncil took seems far more likely now after the Ontario Human Rights Commission called for its creation to Parliament. The council would be controlled by the government, and it would be mandatory for all Canadian magazines, newspapers, and media services to join. As for how this would effect freedom of the press, the article states:
The media’s freedom of expression comes with a duty to “address issues of hate expression, and (media) should do so either voluntarily through provincial press councils, or through statutory creation of a national press council with compulsory membership,” the report reads.
The council would act much like the he Canadian Radio-television and Telecommunications Commission (the Canadian equivilent to the FCC) does for broadcasters.