That's what it says there hammercarp.. correct.. but the actual regulations state when renting.. even as a Canadian you just need the signed rental agreement with the check list on it in place of a card.... unless someone re-wrote it again. I "rent" my (unused ontario corp #'s) boat to my children and guests!
Edit..
From Transport Canada website....
Anyone born after April 1, 1983 who operates a pleasure craft fitted with a motor, and all operators of pleasure craft fitted with a motor and less than four meters (13.12 feet) in length, are now required to have proof of competency on board at all times. As of September 15, 2009, all other persons who operate pleasure craft of any size fitted with a motor will have to carry proof of competency. Proof of competency can take one of three forms:
proof of having successfully completed a boating safety course in Canada prior to April 1, 1999;
a Pleasure Craft Operator Card issued following the successful completion of an accredited test;
a completed rental-boat safety checklist (for power-driven rental boats, valid for the rental period).