Currently (as far as I can tell based on my research) there is no CURRENT requirement for insurance. This may be changed this year...
(from an article in Global News):
License and registration
Transport Canada is
considering requiring drone pilots to demonstrate knowledge of piloting and airspace, licensing pilots, registering drones and
requiring insurance – all depending on how you want to use your drone and the type of equipment you’re using.
Generally speaking, McCrorie said, the bigger your drone is and the more complex your flight path (including whether you’re near an airport or an urban area) the more requirements you’ll have to meet in order to fly it legally.
The department is also considering giving police officers the power to pursue people who operate drones unsafely.
It’s a balancing act, McCrorie said.
“Under the Aeronautics Act we have a mandate to promote aviation, and UAVs are fun. They’re also a tremendous economic opportunity for people. We’re seeing a lot of tremendous economic growth in this sector,” he said.
“We don’t want to limit that but we want to make sure it’s done safely. So it’s really about taking a balanced approach.”
Here are some other regulations (current) to be aware of:
4.0 MODEL AIRCRAFT
4.1. General
- Model aircraft are excluded from the vast majority of Canadian Aviation Regulations (CARs) that are applied to other aircraft. However, for a large model aircraft with a maximum take-off weight of over 35 kg (77 lbs), you require a special flight operations certificate (SFOC) to operate as described in section 5.0 below.
- If your aircraft has a maximum take-off weight of less than 35 kg (77 lbs) and is used for purposes other than recreation, it is not considered a model aircraft. It is a UAV system and again is subject to section 5.0 and requires an SFOC.
- You should use your model aircraft for recreational purposes only (e.g. hobby and personal enjoyment). If you are using it for other purposes (i.e. flight training, inspection or academia purposes, etc), section 5.0 below is applicable as is the requirement for an SFOC.
- For model aircraft weighing less than 35 kg (77 lbs) and used for recreational purposes, the best practices in section 4.2 below provides guidance for the safe operation of your model aircraft.
- The Model Aeronautics Association of Canada (MAAC) represents 12,000 members and is the preeminent national body for model aviation in Canada. The MAAC supports and promotes recreational and competitive model flying, both locally and internationally and works with all levels of government.
- The regulations regarding model aircraft are clear:
- No person shall fly a model aircraft or a kite or launch a model rocket or a rocket of a type used in a fireworks display into cloud or in a manner that is or is likely to be hazardous to aviation safety (Canadian Aviation Regulations, Section 602.45).
Also, read here:
Flying your drone safely and legally - Transport Canada
You (currently) don't have to apply for a SFOC (Special Flight Operations Certificate) UNLESS you're taking off or landing in a National Park or wanting to fly in a restricted area (near airports, cities, etc.)
Hope this helps a bit.
--Atomicbear