Yes.
You may own a handgun in Canada. The conditions of ownership are much more regulated, though, than the conditions in many US states.
Handguns with a barrel length less than 4.1 inches, or those designed to fire .25 or .32 ammunition are designated prohibited. As such there are very tight criteria for ownership.
Most other handguns would be designated as restricted weapons.
There are only 4 justifications for restricted weapon ownership: target shooting at a registered club; collecting; employment; or defence of life.
Most permits are issued for the first 2 scenarios.
In order to transport a restricted weapon, you must obtain an Authority to Transport certificate.
Want to know all the relevant requirements for firearms posession, storage, and transportation in Canada? See the Canadian Firearms Center's web site:
www.cfc-cafc.gc.ca