Grizzlyo, I think it depends on the province/territory it was found. For example, in Alberta, you need a permit to go "digging" for fossils, but you can pick up any found on the surface as long as it is not a park, etc. If you want to sell it you would need a permit, and in order to get one you would probably have to have it looked at by Provincial staff at the Tyrell Museum; they could keep it if they think it was "historically or scientifically significant". It is probably the same as wildlife parts in your area, i.e. you need a permit for it.
Call the MOE or whoever is in charge of archaeological resources in your region, and say you know where one is, but you left it there because you were not sure if you could collect it (which is what I understand you are saying, right?).