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There is a discussion going on this board which may interest you:
http://www.canadavisa.com/canada-immigration-discussion-board/17-vacant-seats-in-the-senatewhat-for-t410512.0.html

To answer your question, yes Senate may not approve the bill

Thanks,
 
Hamid khan said:
HI ALL

CAN Senate STOP NEW CITIZENSHIP BILL

Old article, but relevant: http://www.macleans.ca/politics/ottawa/conservative-majority-in-senate-could-pose-problems-for-trudeau/
 
Senate can do whatever it wants, but it won't get in the way of the bill for long. The Senate's legitimacy as an institution couldn't be lower right now. They aren't going to want to make it worse and risk losing their expense accounts.
 
links18 said:
Senate can do whatever it wants, but it won't get in the way of the bill for long. The Senate's legitimacy as an institution couldn't be lower right now. They aren't going to want to make it worse and risk losing their expense accounts.
I hope you're right.
We should know more next week.