Right you are the law don't require a sticker, it requires a label... And altho said laws are subject to provinces for them to adopt as they see fit, the link philf showed makes it clear Ontario expects people to comply with the Motor Vehicle Safety Act:
"Manufacturers of e-bikes must permanently affix a label, in a conspicuous location, stating in both official languages that the vehicle is a power-assisted bicycle as defined in the regulations under the Motor Vehicle Safety Act."
It's pretty much the same kinda deal in Quebec also, except that for conversions they want the sticker on the motor. But here's the tricky part: In order for a vehicle to be a power-assisted bicycle as defined in the regulations under the Motor Vehicle Safety Act, it must have the label on it:
"power-assisted bicycle" means a vehicle that:
(a) has steering handlebars and is equipped with pedals,
(b) is designed to travel on not more than three wheels in contact with the ground,
(c) is capable of being propelled by muscular power,
(d) has one or more electric motors that have, singly or in combination, the following characteristics:
(i) it has a total continuous power output rating, measured at the shaft of each motor, of 500 W or less,
(ii) if it is engaged by the use of muscular power, power assistance immediately ceases when the muscular power ceases,
(iii) if it is engaged by the use of an accelerator controller, power assistance immediately ceases when the brakes are applied, and
(iv) it is incapable of providing further assistance when the bicycle attains a speed of 32 km/h on level ground,
(e) bears a label that is permanently affixed by the manufacturer and appears in a conspicuous location stating, in both official languages, that the vehicle is a power-assisted bicycle as defined in this subsection, and
(f) has one of the following safety features,
(i) an enabling mechanism to turn the electric motor on and off that is separate from the accelerator controller and fitted in such a manner that it is operable by the driver, or
(ii) a mechanism that prevents the motor from being engaged before the bicycle attains a speed of 3 km/h; ( bicyclette assistée )
Again, without the sticker, the vehicle is not a power-assisted bicycle as defined in the regulations under the Motor Vehicle Safety Act. So if you don't have it, that's a detail that's not in your favour in case of an investigation following a bad crash, it also gives ammo for any police who would decide to piss you off. So it pretty much serves the same function as the bell on my ebike.