The federal government proposes $1,337 as compensation for surrendering an AR-15 rifle under the mandatory buyback program.

Public Safety Canada has issued a price list detailing how much money owners of prohibited firearms can expect to receive under the program.

At the higher end of the scale, the confiscation of a Swiss Arms SG550 could result in a net gain of $6,209 for the owner.

The mandatory buyback program will cover more than 1,500 models and variants of what the government considers assault firearms, which have been banned for two years.

Participation in the buyback program will be mandatory for owners, or they must render their designated firearms inoperable at the government's expense or dispose of them legally.

The government says the proposed price list for individual firearm owners was developed to reflect what Canadians might have paid for an assault-style firearm before May 2020.

Public Safety Minister Marco Mendicino said, "The proposed price list today represents another step toward removing these dangerous firearms from Canadian communities while ensuring fair compensation."

A separate compensation model is being developed for businesses participating in the buyback program.

A general amnesty is in effect until October 30, 2023, protecting lawful owners of now prohibited firearms from criminal liability while they take steps to comply with the law.

The government said, "Compensation forms and other program details will be finalized in the coming months, and all known firearm owners will be contacted about how to participate in the buyback program."

The Liberals also introduced a firearms control bill in May that would freeze the import, purchase, sale, or transfer of handguns in any way.