I don't know well Canadian laws, but it seems that this bill targets private owners and "roadside zoos" with poor husbandry in most cases, while it is supported by major Canadian zoos as Toronto, Granby and Biodôme.
Senator proposes bill to ban captivity of certain animals, protect others
About the special issues of elephants, I would think that most of this country is hardly suitable for elephant captivity, because of the harsh winters.
At opposite, it isn't the case of most cats and bears, a lot of species are cold-tolerant ; additionnally several of them are endangered and/or native of Canadian fauna, keeping and breeding them makes sense for education, conservation and even animal welfare (in the case of animals rescued in the wild) purposes.