That is not true, I'm on my phone and will try to copy and paste the wording later but it does say "or" in all statements. Exceeding 500fps in any way is then a fire arm as is loading a heavy enough projectile to go under 500 fps but over 5.7 Jules. We went through all this with the RCMP when we were laying out rules for Airsoft in Alberta. There were are are still folks that run guns over 500fps claiming the jule limit was all that mattered. However we were explicitly told by RCMP if either were exceeded we could be charged.
Again this goes to all laws have interpretation but do you really want to push the grey areas and go to court to defend it?
You have been given 100% wrong information. There are no special rules for Airsoft - they are treated the same as other airguns and in order to be classified as a firearm for the purposes of the firearms act both the muzzle velocity AND the energy must exceed the set limits.
http://www.rcmp-grc.gc.ca/cfp-pcaf/fs-fd/air_gun-arme_air-eng.htm
"There are two general types of air guns (also known as BB guns, pellet guns, spring guns or air soft guns):
air (pneumatic system), and
spring (spring-air)
A third type, gas (CO2/nitrogen), even though they are not, strictly speaking, "air guns," are subject to the same rules set out below. For purposes of the Firearms Act and the Criminal Code, air guns can be further divided into four categories:
1. Air guns that are firearms for purposes of both the Firearms Act and the Criminal Code
These are air guns with both a high muzzle velocity (greater than 152.4 metres or 500 feet per second) and a high muzzle energy (greater than 5.7 joules or 4.2 foot-pounds). The "muzzle velocity" is the speed of a projectile at the instant it leaves the muzzle of a gun, normally expressed in metres per second or feet per second. The "muzzle energy" is the energy of a projectile at the instant it leaves the muzzle of a gun, expressed in joules or foot-pounds. Air guns need to meet both standards to be classified as firearms for purposes of the Firearms Act."