Or, more precisely, they intend to make a Bond film based on the original short story by 007 creator Ian Fleming. Canada does not recognize the Berne Convention honoring international copyrights or their extensions. Within the country, copyrights on literary works expire after fifty years, meaning the 1960 story is in the public domain. Demabre and Driscoll said they choose the story because he travels to Canada (briefly) on his way to Vermont.
They've pitched their film as "James Bond comes to Ottawa," with the project as more of an art-house take on the spy character. The filmmakers would like Ryan Reynolds as their Canadian 007, with names like Christopher Plummer, Donald Sutherland and Michael Ironside mentioned for smaller parts.
Both acknowledge the copyright situation means they can not release the film in the US or other countries that recognize the Berne Convention. While that limits investment options, they filmmakers believe they can find funds in "China and most of Asia."