The picture was submitted by David Groskind, who says it was taken at a dock near Collingwood, Ontario, and that the “life-saving device” was missing when the picture was taken. As he points out, it looks like the very severe penalty threatened by the sign — life imprisonment — was insufficient deterrent.
David and I both had doubts that the stated penalty is accurate. But apparently we were wrong. According to a lawyer friend:
“Criminal Code of Canada Section 430(2) Every one who commits mischief that causes actual danger to life is guilty of an indictable offence and liable to imprisonment for life.”