In ontario, (lake scugog) We were stopped and we had to have a paddle, whistle, boyant heaving line, fire extinguisher, flashlight and approved life jackets.
According to Transport Canada:
Safety equipment you must have on board
Every time you go out on the water, make sure the following items are on board and are in good condition:
Always wear your lifejacket or personal flotation device when on the water. It could save your life.
The law states that you must have a lifejacket or PFD that fits each person on your PWC or any person you are towing. If you don't, you could be fined $200 on the spot. Choose a Canadian-approved lifejacket or PFD with three or more chest straps so it won't fall off if you hit the water at high speed. Choose brightly coloured lifejackets that are easy to see.
A valid Pleasure Craft Licence Number
A floating tow line at least 15 metres long
A sound signal (a pealess whistle is OK)
A watertight flashlight or three Canadian-approved type A, B or C flares.
While they are very useful, you do not need the items below if each person on board is wearing a lifejacket or PFD that fits well:
a paddle or anchor with at least 15 metres of rope, cable or chain;
a bailer or hand pump; and
a 5BC fire extinguisher.
So as long as you are wearing a life jacket, you are not required to have a paddle or extinguisher. And, if you do have an extinguisher and paddle, you don't need to wear your life jacket - as long as there is one on board. You might have a hard time explaining that to the OPP though.