The CBSC was acting on a complaint from a listener:

"In a ruling released Wednesday, the Canadian Broadcast Standards Council says the song contravenes the human rights clauses of the Canadian Association of Broadcasters' Code of Ethics and Equitable Portrayal Code.

The council is an independent, non-governmental group created to administer standards established by its members, Canada's private broadcasters. Its membership includes more than 700 private radio and TV stations across the country.

Last year, a listener to radio station CHOZ-FM in St. John's complained that the '80s rock song includes the word "faggot" in its lyrics and is discriminatory to gays.

The broadcaster argued that the song had been played countless times since its release decades ago and has won music industry awards.

A CBSC panel concluded that the word "faggot," even if once acceptable, has evolved to become unacceptable in most circumstances.

The panel noted that Money for Nothing would be acceptable for broadcast if suitably edited."

Source: CBC