Well, i'm not Canadian, so i can't really add my two cents on the issue regarding being politically correct and what's lawfully on the air waves. But yes, the song's context isn't homophobic in the slightest, it's being told in the first person by some blue collar worker.
Think of all the hip-hop and rap anthems that are played on these airwaves with clearly offensive and vulgar content, are they going to be banned too? of course not.