I know here in the US that a foreigner can legally buy/own firearms provided they are here legally for a certain period of time. Is that true in Canada? I've never heard one way or another. I do know they have considerable firearm restrictions (no mags greater than 10rds, pistols with shorter than 4" barrels, etc)

Yep, there is no restiction on who can get a permit.  You need to pass a test, and you need to get a police background check done, but citizenship and residency are not requirements.

If you go to purchase a firearm within Canada, it's registered as normal.   If you reside, or have an address up here it's not a problem.  If you do not, then they will want to know where the gun will be staying, and under who's control it will be.

A friend from the UK picked up Sig 540 Sniper and had to give them my address for storage purposes.

Thanks for the information. That's what I wanted to know. Sounds like with the exception of mag restrictions and barrel length on pistols you can have most of the same stuff.