This link will give some info.
Basically in a nutshell.
You need to have your Possession and Aquisition License as well as your restricted license.
You need to be a member of a gun club.
You are issued a permit to transport between home and the range. We cannot discharge handguns anywhere other than a approved range. So no going to your back 40 and plinking. Against the law. To go to matches or other ranges an invite from the club to cover your ass within your Province. If going out of province the Firearms office issues a temp ATT (authorization to transport)
Handguns must be double locked at all times unless at the range.
Up hear, just for recreation. We are not like the US in the right to use for your protection. In Canada, you are the victim of crime without the right to defend yourself, your family, or your property.
The link is the Feds breakdown in a nutshell.
Oh and the barrel must be longer than 4". Anything shorter than that is considered a prohibited firearm. That is another license which no one can get unless you are grand fathered.
It sounds worse than it is. If you allready own a handgun and purchase another from your local shop, once the transfer of ownership goes thru you get to take it home. I have received mine in less than 10 minutes via email. From what I have heard it is almost easier to get a handgun here versus buying one in some states.
http://www.rcmp-grc.gc.ca/cfp-pcaf/fs-fd/restr-eng.htm