So far as i understand it this would fall to the discretion of the officer who was checking out the item. If he thinks its purpose is as a weapon you'd never see it again. but if it's a tool then you're safe. the laws are vague at best. it all boils down to the officer's percieved INTENT for carrying a given piece of sharpened steel.
axe, ulu, hatchet, machete, ANY fixed blade is legal carry in canada. only two exceptions:
1-push daggers
2-"Brass Knuckles" and any similar device consisting of a band of metal with
BASICALLY any sharpened piece of metal is illegal and legal, if it's a tool it's safe, if it's percieved to be weapon it's gone. it's vague but i'll take that over some of the laws i've seen around the globe any day of the week. some municipal authorities do have their own additions to the rulebook however so it's best to check locally if it's ever going to be in question (which i can't imagine this is.) personally i've never had any trouble carrying a blade of any kind my whole life in canada.
So long as you keep that thing out of malls, shouldn't be a problem

sorry for hijacking the thread.