Just to clarify: 12(7) doesn't say or mean someone has to die to give you a gun. Inheriting keeps coming up. You need a living relative with 12(6) and a path of relation to you that results in the proscribed relation giving you the 12(7) eligible prohib. Then you get your 12(6) -- for that gun only. And of course you in turn can give it to your R-PAL holding blood relatives. While you're alive. No dying required. I would recommend anyone wanting such a thing to organize it while the 12(6) holder is still alive, it's much simpler that way. And, they can probably buy you stuff, with your money, that they otherwise wouldn't have to "leave you" if you left it that long.
On the "Why can't I own this" front, you can't own this without a 12(6) either, which in my opinion is both much nicer and more accurate than that Colt:
You can, with the right relative (hey, what did you expect from a Constitutional Monarchy?) own one of these:
Smith & Wesson, pre-46, and in .32 S&W Long, much more pleasant to shoot, more accurate, can be loaded hot (yes, there are even self defense rounds available!) and you can get a 3" barrel installed... I'm waiting for my gunsmith to re-barrel mine to 3". That extra inch is SO annoying.
or, if you have to have a Colt,
Same .32 S&W Long. Shiny. This one came in its original box with hang tag, brush ... unfired.
If you just have to have a Detective Special, and have the right relative, get one pre-46, or have a Pre-46 Police Positive Special re-barreled to 2". I have a Nickel one I don't like...
Otherwise, with no imagination, you're "stuck" with Antiques. That's the next forum over, those guys will fix you up with something sweet and cash-and-carry in 5 minutes flat. Just post this thread with your pictures there and keep a towel handy to wipe up the drool. Here's an example no bigger than that Colt, in .44 American, with a bobbed hammer so it won't snag in your pocket:
The .44 progression goes:
44 American
44 Russian
44 Special
44 Magnum
Even the lowly 44 American in black powder generates more foot pounds at the muzzle than standard factory 38 Special, and when loaded hot, keeps pace with .38 Special +P.
There are of course still other legal ways that you can own a modern 12(6) firearm in Canada. Plus all the ones the other 12(6) guys here can't own. They're just harder to do than the list above. Can you say "business license"? Each Province is its own little kingdom when it comes to the ins and outs of "how". You might have to move to some place with more economic opportunity (or a lower cost of living) AND a better CFO. But now we're talking about things fit for other forums.