Originally Posted by The Saint
Replica firearm is explicity excluded from the category of prohibited device for all Criminal Code paragraphs involving non-trafficking possession offence, has been for 10 years now.
Read it again, from the CFC Fact Sheet for replicas:
Possessing or Acquiring Replica Firearms
As an individual, you may keep any replicas that you owned on December 1, 1998. You do not need a licence to possess a replica firearm and it does not have to be registered. However, you cannot acquire, make or import a replica firearm. If you take a replica firearm out of Canada, you cannot bring it back in.
If you are a business, you may possess, acquire or import replica firearms only if you have a valid Firearms Business Licence that allows you to possess prohibited device for an approved purpose.
This is pretty clear cut. Not really open to interpretation, unless you are arguing whether a gun is a replica or not. Good luck with that.