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I hope that this is used to strengthen privacy laws. But I know this will be used as pretext to enforce dubious "age verification" like we've seen in other countries.
It's clear every site on the internet without id checks (and even those who do check id since people can lie) are accessed by minors, I'm not sure what they expect.
What kind of "sensitive data"? The page does not provide any details. Something as basic as an IP address could be considered "sensitive data" but collecting that is basically inevitable.
I hope they will apply the same standard to other social media companies.

And while they're at it, they should take a look at the data that Google collects from kids using Chrome and Chromebooks.

Don't underestimate the power of this decision. Canada has been at the forefront of many internet/privacy polices over the last thirty years. Countries all over the world are dealing with similar questions. So they form committees to figure out policy, committees which boil down to people. Those people say, well, if it good enough for Canada then its probably good enough for us too.

Some of this is based on Canada's political/judicial system being more similar to international norms. Canada doesn't have the strange state/federal split of the US. Nor does it have the unwritten "constitution" of the UK. So European/Asian countries can more easily translate Canadian policy this into their systems. The IT companies appreciate this too. They will want to strike a deal in Canada because that deal will very likely be mirrored elsewhere. This finding and resulting deals will have great impact.

Soon Oracle will be collecting private information from children.

Gross and appropriate.