MacKay will comment on the bill shortly after it is tabled in the House of Commons, followed by NDP Leader Tom Mulcair, who will give his party's views on the proposed legislation.
CBCNews.ca will carry the news conference live starting at 3:45 p.m. ET.
"It will respond to what we feel are the circumstances that address community protection, but protection of vulnerable people and recognize the inherent dangers associated with prostitution," MacKay told reporters in Ottawa Wednesday morning.
"Whatever we do legislatively will of course be accompanied with programming aimed at helping women, predominantly women exiting prostitution," MacKay said.
Today's highly anticipated bill will be the government's response to a Supreme Court of Canada ruling in December, which found the country's prostitution laws unconstitutional.
The top court struck down key provisions including laws prohibiting brothels, living on the avails of prostitution and communicating in public with clients, saying the laws were too broad and "grossly disproportionate."
The Supreme Court gave the federal government one year to come up with new legislation.