Did you even read the article? The editor retracted the authors headline in the update. More liberal lies from Ron Paul Forums. How charming.
Fox News is not banned in Canada. Fox is a standard channel offered by many cable companies, available on-Air from broadcasters transmitted from the states to many Canadians, and of course available on satellite or internet delivery. However, Fox just isn't as popular in Canada as other US stations (CBS, ABC, CNN, etc.) merely because it has a lot of US sports content not terribly appealing to Canadians. Finally, course few Canadians watch any US new (let alone news channels) simply because their stories aren't as meaningful to Canadians. So many Canadian cable companies don't carry Fox News (or CNN) -- you get CTV News or BBC World News.
The law referenced only applies to Canadian broadcasters using Canadian airwaves. Basically, it was put in place to ban the CBC (government subsidized) and Canadian broadcasters (using Canadian frequencies) from political ads, infomercials, phony health shows, etc. designed to look like news but selling stuff. Talk shows and discussion groups are not considered news programs. So... this law only affects the CBC and those broadcasting over regular air waves -- it does not affect any US station (they don't broadcast over Canadian air waves), nor any satellite, cable, or internet delivery -- i.e. about 95% of broadcasting is exempt.