Hiya Hondo, I'm the other Canadian in question.
This question has been brought up before, (see
this thread for example) and it seems like there are Canadian knifemakers making Kerambits... so it's probably not illegal to
own a Ringed Razel in Canada, but the question is that of carrying it. (I have a mid-tech Razel on the way, and if I were to order a Ringed one, it would be to carry it, so this is an important point for me.) Now, according to several sites, the following is a "prohibited weapon":
BRASS KNUCKLES
A device or any similar device consisting of a band of metal with one or more finger holes designed to fit over the fingers of the hand.
Now,
I know that a Razel ring isn't anything like brass knuckles, but the law doesn't say anything about the intention of design of the feature. It was mentioned in the above linked thread that some people have been hassled about the ring on their Kerambit, with the above listed definition used as justification. Of course, it's arguable that a Razel is much more of a general-purpose tool than a Kerambit (which, as far as I know, was designed to be a weapon), and that would almost certainly work in your favor. I've not talked to any LEOs about this since I don't know any. What did the ones you contacted say?
As a side note, I might be being overly cautious here partially because I'm not a citizen, but a Permanent Resident, and would hate to get kicked out of the country because I chose to get a knife with a metal ring over the pinky finger. My wife would be pretty pissed, you know.

The other side is that if I'm going to order my first custom knife, I want to make damn well sure that it can make it across the border.