The methods for responding to racism vary from case to case. There is no blanket solution to a problem that can manifest in such complex ways.
If it occurs in the workplace, there is a federal policy known as "The Employment Equity Act", which attempts to fight discrimination against four groups: women, visible minorities, persons with disabilities, and the Aboriginal people. This Act, in effect, forces Canadian employers to provide equal opportunities to each of these groups. One clause specifies that employers must annually submit a report to the Minister of Labour about their workforce, and another clause forces them to periodically review their employment systems in the hopes of correcting disadvantages.
The upside of all this is that if you complain, you will be heard.
And make no mistake: filing a complaint is the proper response. Do not give any bigot the gift of your anger, do not give them satisfaction in any way, shape or form. A simple talk with your superior will do the trick, and the racist will be reprimanded or lose their job altogether. In the event that your superior is the problem, then write the Minister of Labour. This is an issue that garners a lot of attention in Canada, and there are many who will want to see this through to a resolution.

If racism occurs in the school, it can be a little more problematic.Often the bully is one of the popular children, or at least somebody that an immigrant child may be afraid to cross. As well, some teachers serve only very light punishments that do not serve to deter the bully in the long run. It's also a possibility that your child may not tell anyone for fear it would mark them as a target.
Most anti-bullying strategies that schools employ seem to have a limited effect. The bully’s behaviour often stems from trouble at home, and except in extreme cases there's very little that can be done.
So what solutions are there?   
First, you can make an appointment with a school administrator to discuss the bullying. If it’s severe enough, the other child may be moved to a special class or put on watch. Schools have a wide array of methods for dealing with bullying, but most won’t be put into play unless there’s a complaint. 
Second, talk to your child. Reassure them that there’s nothing wrong with the colour of their skin or their accent, and that nobody holds this against them. After all, this is Canada, and here we know that accent and skin tone say nothing about somebody's personality, intelligence, or chances of success.

Useful Links:
The Employment Equity Act - http://www.chrc-ccdp.ca/employment_equity/default-en.asp
Bullying Prevention in Schools - http://www.publicsafety.gc.ca/res/cp/res/bully-eng.aspx
Bullying in Schools - http://www.safecanada.ca/link_e.asp?category=28&topic=165