Text of the Oath
Those with religious reservations may affirm rather than swear.
Oath Taken by Members of Parliament
"I, [name], do swear, that I will be faithful and bear true allegiance to Her Majesty Queen Elizabeth II."
"Je, [nom], jure que je serai fidèle et porterai une vraie allégeance à Sa Majesté la Reine Élizabeth II."
"I, [name], do solemnly, sincerely and truly affirm and declare the taking of an oath is according to my religious belief unlawful, and I do also solemnly, sincerely and truly affirm and declare that I will be faithful and bear true allegiance to Her Majesty Queen Elizabeth II."
Oath of Citizenship
"I swear (or affirm) that I will be faithful and bear true allegiance to Her Majesty Queen Elizabeth II, Queen of Canada, Her Heirs and Successors, and that I will faithfully observe the laws of Canada and fulfil my duties as a Canadian citizen."
"Dorénavant, je promets fidélité et allégeance au Canada et à Sa Majesté Elizabeth Deux, Reine du Canada. Je m'engage à respecter les droits et libertés de notre pays, à défendre nos valeurs démocratiques, à observer fidèlement nos lois et à remplir mes devoirs et obligations de citoyen(ne) canadien(ne)."
The current Oath of Citizenship dates from 1947. There have been various changes proposed including making a reference to 'Canadian Values' (for now I'll ignore the absurd suggestion of removing the monarch).
On this matter I share W. L. Morton's sentiment that because Canadians owe their allegiance to a monarch, rather than to an intangible concept like 'the People', there was no pressure on anyone to conform to a single 'Canadian way of life'; as he stated "the society of allegiance admits of a diversity the society of compact does not, and one of the blessings of Canadian life is that there is no Canadian way of life, much less two, but a unity under the Crown admitting of a thousand diversities."
A Kisaragi Colour