Actually hurley, there's a condition in the law that says you can make 2 copies of a copyrighted media if you have bought it. Like a "rescue" media to protect your original.
Copying for Private UseWhere no infringement of copyright
80. (1) Subject to subsection (2), the act of reproducing all or any substantial part of
(a) a musical work embodied in a sound recording,
(b) a performer’s performance of a musical work embodied in a sound recording, or
(c) a sound recording in which a musical work, or a performer’s performance of a musical work, is embodied
onto an audio recording medium for the private use of the person who makes the copy does not constitute an infringement of the copyright in the musical work, the performer’s performance or the sound recording.
Limitation
(2) Subsection (1) does not apply if the act described in that subsection is done for the purpose of doing any of the following in relation to any of the things referred to in paragraphs (1)(a) to (c):
(a) selling or renting out, or by way of trade exposing or offering for sale or rental;
(b)
distributing, whether or not for the purpose of trade;(c)
communicating to the public by telecommunication; or(d) performing, or causing to be performed, in public.
1997, c. 24, s. 50.
Currently, you can make copies for yourself. The Harper law will make it illegal for you to do that if there is DRM involved. You are not allowed to distribute any copies on a peer to peer network.