Taken from the CFC site @ http://www.cfc-cafc.gc.ca/factsheets/replica_e.asp
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.
To me, that implies that any replica accquired after that date was accquired illegally and is in your posession illegally.