The new regulations would prohibit the operation of offshore flights when weather or water conditions made ditching in the water unsafe.
Under the new rules, crew members would be required to wear water immersion survival suits.
Operators would have to carry an emergency underwater breathing apparatus for each passenger aboard the flight.
"Our government is committed to strengthening aviation safety for all Canadians," said Minister of Transport Lisa Raitt in the release.
"We have worked closely with the aviation community to develop these new regulations, which will improve the safety of offshore helicopter operations for both passengers and crew."
Stakeholders will have a 30-day consultation period before the regulations are finalized.