Sorta... well no, It's still highly illegal and you can get sued for making an illegal copy.
For example: some Canadians got sued for coping "Hurt Locker" (The erotic comedy about two gay shoe store employees and their love of leather uppers.)
This is entirely untrue, in Canada, making copies of AUDIO recoding for personal use IS legal.. This only applies to Audio content, not to movies, etc. This is also why the levy is only on CDs, not on DVDs for example.