What I like about our laws and the firearms act is they are vague enough that they can be interpreted anyway cops or prosecutors want. Just ask someone who's been charged like Ian Thompson, who was charged with unsafe storage of ammo because he had it in his night stand... in the end he won but at the cost of $100,000 plus in legal bills.
So yes.... But you might want to rethink that and lock your ammo up anyway... I keep mine locked in both ammo cans and a locked cabinet, both are easy to access but require either a key or combination to access. Its beyond the requirement but makes it harder for some cop to try and get you charged.
FYI it is legal to have ammo & firearms in the same case, safe or cabinet, they just can't be loaded in the gun, the magazines can be loaded however. I keep my 9mm in my biometric safe with magazine right next to the firearm myself its perfectly legal
^ I agree, lock it up as securely as possible especially if you have kids, or kids visiting your home.
Wolf