exbio - from my understanding, you can own an AR-15 or handgun, but you must complete extra training (to get a "restricted" firearms license) and then you can only use a restricted firearm at an approved gun range - and no where else. You must also have authorization to transport such a firearm to and from the range.
There are certain firearms that are "prohibited", meaning you can't own them no matter what. Someone else might be able to dig up a list of those.
For general hunting shotguns and rifles, you complete a weekend course and take a test, giving you a license for "non-restricted" weapons meaning you can legally buy, sell, use and possess non-restricted firearms. This must be renewed every 5 years by simply filling out a form.
Being an American living in Canada, who spends a great deal of time in the northern bush, I find it weird to not carry a sidearm of the handgun variety for all sorts of useful purposes, but it is what it is.
