Gun buyback: Here's how much the feds are proposing to pay for banned firearms

The federal government has unveiled how much they are planning to pay gun owners for the banned firearms they turn over as part of the mandatory buyback program.

On Thursday, Public Safety Canada released a full price list outlining how much compensation individual owners can expect to receive under the program. The buyback offer applies to the more than 1,500 models and variants of "assault-style" weapons the government banned the sale and use of on May 1, 2020. 

• These are the 1,500 assault-style weapons now prohibited in Canada

"It will be mandatory for individuals to participate in the buyback program, have their assault-style firearms rendered inoperable at the government’s expense, or otherwise lawfully disposed," said Public Safety Canada in a statement.

Here's the proposed compensation amount for the 11 categories of prohibited firearms:

• AR Platform firearms such as the M16, AR-10 and AR-15 rifles, and the M4 carbine: $1,337
• Beretta Cx4 Storm: $1,317
• CZ Scorpion EVO 3 carbine and CZ Scorpion EVO 3 pistol: $1,291
• M14 Rifle: $2,612
• Robinson Armament XCR rifle: $2,735
• Ruger Mini-14 rifle: $1,407
• SG-550 rifle and SG-551 carbine: $6,209
• SIG Sauer MCX, MPX forearms such as the SIG Sauer SIG MPX carbine, and the SIG Sauer SIG MPX pistol: $2,369
• Vz58 rifle: $1,139
• Firearms with a bore diameter of 20 mm or greater – other than one designed exclusively for the purpose of neutralizing explosive devices: $2,684
• Firearms capable of discharging a projectile with a muzzle energy greater than 10,000 joules: $2,819

The price list is based on what Canadians may have paid to purchase these guns prior to the policy change Prime Minister Justin Trudeau campaigned on in 2019, and went on to announce in the wake of the Nova Scotia mass shooting in 2020.

Between now and Aug. 28, the federal government is seeking input from firearms owners, businesses and the gun industry on the proposed compensation amounts, with Public Safety Minister Marco Mendicino saying the aim is to get firearms out of Canadian communities while fairly compensating current owners. The government has published a survey online for those interested to fill out.

Once the consultation period ends, the government says known firearm owners will be contacted about participating in the program. The Liberals have already implemented an amnesty period until Oct. 20, 2023 allowing lawful owners of these prohibited firearms to be protected from criminal liability while they take the steps required to comply.