Ammo must be secured in a separate locked compartment,so by the time you could get it into action it would be too late.
I don't want to drag the thread off topic, but I had to respond to this.
Morfiend, check the regulations carefully - If your firearms are stored in what the CFC calls a 'vault or safe' (they've never published specifications as to what a vault or safe is), you CAN store your ammunition and firearms in this safe/vault together.
From the RCMP's Firearms website:
Storing Firearms Safely
Unload and lock your firearms!
Store the ammunition separately or lock it up. It can be stored in the same locked container as the firearm.
In my new house I have a dedicated room for all my firearms/ammunition etc. In one of my previous residences I had a decent Remington vault with the combo key pad on the front, and I stored my firearms in there as well as my ammunition/magazines. I know it's legal 100% as my roomate at the time was a firearms instructor with the RCMP at Depot at the time, and all his stuff was in there too.
Also, with regards to the time it takes to access a firearm for self defense in Canada:
Attach a secure locking device so the firearms cannot be fired and lock them in a cabinet, container or room that is hard to break into;OR
Lock the firearms in a vault, safe or room that was built or modified specifically to store firearms safely.
If you have your restricted firearms IE some "assault" type rifles and most handguns, you can store them in a safe/vault
WITHOUT trigger locks, and
WITH ammunition/magazines in the same said vault. So, if you own a safe/vault with a quick access electronic locking mech, you can have your pistols locked open and loaded magazines right beside them, and be in full compliance with our ridiculous "safe storage

" laws.
Overall you're right though Morfiend, the laws here are a joke, and created by people who knew NOTHING about firearms or shooting which explains their inconsistency and ineffectiveness.
-Hijack over.
BTW: WIDEWING, Bank Miller was at sigarms when I first met him as well, he, Tim Connell, and Ben Kurata from SigArms came up here to Canada to help establish our adjunct Sigarms school, and I took my Sig armourers and instructor courses from them about the same time you were mentioning, about the very early 2000's. Bank owns a company called action target, and is doing very well with it from what I understand. He's also one of the better shooters with stock "combat" pistols I've seen. I've seen him use a pistol with the sights pushed off it to shoot 6" steel falling plate targets at 25 yards like they were 2 feet in front of his face when demonstrating unsighted fire techniques. Regarding the Sig Rifles you mentioned, us crazy canucks at our shop/range had a friend in the factory in Europe and circumvented the assault weapon import laws you guys have down there by bringing in 1500 Sig 550 551 and 552 rifles/carbines into Canada. Then some of the receivers made it legally into the USA and "kit" forms of the rifles were then legal to possess and construct as I understand your laws (I'm a little hazy on how it all happened, but the ATF HATED us for a while as they had to alter some of their directives over all of this Sig rifle business). For a stock rifle the Sig 550 is still my personal favorite for an out of the box weapon. It combines all of the best features of several rifles out there, and adds excellent stock night sights and better than AK reliability, and incredible accuracy. The models we sell in Canada come equipped with the highest quality 3-point sling I've yet seen, a 200$ freebie that is as thick as the old M60 slings almost.
About the only negative thing I can say about the Sig rifles is that the magzines have to be inserted using that 'cam' type rolling system that the AK and all of its variants use, which is a little slower than the Ar15/M4 style of magazine, but they do make an adapter for the SIG rifles to take Ar15 magazines (Pmags!!) .
The test targets for ALL of our rifles were 1 MOA or better at 300 meters, even the short barrel 552's had 10 round groups of just over 1 moa, all on a paper plate easily....incredible when you think of how short the barrels are. If I could take only ONE rifle with me out of everything I have, it would be my Sig550 hands down.