Just a couple of points
Canada doesn't have a constitution, we have the Canadian Charter of Rights and Freedoms.
But I totally agree that the gun registration act was and is a total waste of time and money, the whole point was to reduce the use of firearms in the commisson of crimes. But what criminal is going to register his guns? *rolls eyes*
Handguns of any sort require special permits to possess in your home and getting a carry permit is next to impossible outside of law enforcement.
So to answer Solid Snake's question:
It totally depends on what specific firearm you're talking about. If you want to keep a handgun in your residence I would say don't even bother trying. If it's a shotgun or hunting rifle then yes, all you'll need is an FAC and to register the gun.