I like it better than going back to the old logo. The Red Maple Leaf under the jet makes the jet pop. Although the blue circle with the cut out of the top confounds me.
Their two alternate logos:
I wish that the top alternate logo would have played up a little of their old logo with a jet trailspray forming the cross of the t and the upper line of the s and the Maple Leaf forming the rear outline of the Jet somehow. The bottom logo in my opinion is a good looking one. I can see that one on the shoulders of all their uniforms.