Bill C-242 does a few things relating to extended temporary resident visas used to visit children or grandchildren that are Canadian citizens or permanent residents.
First, if someone applying for a TRV is staying for an extended period of time it will allow them to use a health insurance policy purchased from an insurance company outside of Canada to meet the requirement that they have private health insurance.
Second, it sets the length of an extended stay to 5 years. (As far as I can see TRVs usually only allow for a visit of 6 months)
Finally it requires the Minister of Citizenship and Immigration to prepare a report regarding the reduction of the minimum income requirement a child or grandchild of a foreign national needs to meet in order for that foreigner to stay in Canada for an extended period of time.