I think it depends a bit on what you consider slipping behind. I don't know about Canada but I don't think we'd want an education system like they have in Japan, with students under so much pressure they get very little time to just be kids. Look at their rates of suicide and mental illness.
That being said, I am not thrilled with the education I received in public schools in Australia. When I compared the stuff I was given to do in English classes with the texts my parents' generation were expected to read at the same age there seemed to have been a huge dumbing down. Stuff the Baby Boomers would have been expected to understand in grade five was given to us in high school, and then done painfully slowly. However, things seem to have changed a lot since I was in school so I'm not sure where they're at right now. I know when I went back to uni the teenagers just out of school had done literary theory in high school that I didn't see until university. I think that might be going a bit too far the other way since all of those "ism"s (post modernism, post colonialism, post structuralism, post-post modernism...) seem a bit much to tackle all at once.
But while they were learning about more advanced concepts these students had still missed a lot of the same basic stuff my student cohort had, like spelling and grammar. Historical knowledge was pretty lacking too and while many people don't consider it as important it troubles me that we have people reaching adulthood without the basics of art, like knowing that red and blue make purple. Maths and science seemed to fare slightly better, and there was plenty of time spent on the Almighty Sport. I think there needs to be a return to the basics in many subject areas. Also, it is kind of ridiculous that LOTE isn't taught from grade one when kids are much more receptive to learning new languages at that age.
I don't like the recent trend to push kids to do more academic work younger than before, like in prep. That's not the way to catch up with other countries. Either kids are developmentally ready to learn something or they're not. If you push them to do stuff they're not ready for they'll feel frustrated and stupid and learn to hate school.
This would make a great letter to the editor, or better still, all ministers for education. I return to my usual rant - pay peanuts and you'll get monkeys.