"Today’s proposed price list represents another step towards getting these dangerous firearms out of Canadian communities while ensuring current owners are compensated fairly," Mendicino said in a press release.
The government mandatory buyback program will compensate residents $1,042 for an AR-15 rifle and $4,830 for weapons such as the Swiss made SG550 rifle, he said.
The government will hold a consultation period until August 28 during which time businesses and gun owners are requested to express their views on the proposed compensation amounts.
27 July 2022, 20:39 GMT
In 2020, the Canadian government amended the country’s Criminal Code to ban the purchase and ownership of several types of firearms such as the AR-15 and other rifles.
The authorities gave Canadians who lawfully possessed or acquired the newly banned weapons a "grace period" until the end of October 2023 to hand in their firearms to the government.
In addition, in May 2022, the federal government introduced Bill C-21 which, besides banning assault rifles, proposes prohibiting the possession of handguns. On June 23, it completed the second reading in parliament.