There are Life Jackets and PFD s .
Life jackets have to be orange , red and yellow
  and DOT approved .
  You can wear a Personal Flotation Device ( and they come in
   Many colours ) but you must have a legal DOT life jacket on
    boards as well .


   https://www.tc.gc.ca/eng/marinesafety/bulletins-2011-02-eng.htm

     Explains  it pretty well !

I picked up a couple inflatables a couple years ago, still don't wear them but the fit nice over the back of the seat.
Could never understand why anyone would fall out of a perfectly good boat.

I believe that.
I carry a ice cream bucket in my boat not only for wash up on the floor but also for setting up on the edge of the boat and taking a leek in on those choppy days.

Another one is releasing fish. I had a buddy of mine a few years back that was releasing a nice Walleye over the edge of my deep boat. He was treating it like a piece of glass and setting it in the water laying it in his hand. It was a nasty day out on lake Newell, you know what that's like. We caught a nasty side gust and over the edge he flopped it was quite humorous. No big deal as no alcohol in the boat and it was mid summer but he got a heck of a scare. So yah it can happen. Lesson learned,, don't release nice Walleye !!

There are Life Jackets and PFD s .
Life jackets have to be orange , red and yellow
  and DOT approved .
  You can wear a Personal Flotation Device ( and they come in
   Many colours ) but you must have a legal DOT life jacket on
    boards as well .


   https://www.tc.gc.ca/eng/marinesafety/bulletins-2011-02-eng.htm

     Explains  it pretty well !

That would be for commercial boats not pleasure craft I believe.

For pleasure craft you are only required to have PFD's or Life Jackets

"SUBPART 1
Pleasure Craft Other than Human-Powered Pleasure Craft
Application
203 This subpart applies in respect of a pleasure craft other than a human-powered pleasure craft.

Life-Saving Appliances — Personal Life-Saving Appliances
204 A pleasure craft shall carry on board

(a) a personal flotation device or lifejacket of an appropriate size for each person on board;

(b) a reboarding device, unless the vertical height that must be climbed in order to reboard the pleasure craft is not more than 0.5 m; and

(c) for the length of pleasure craft set out in column 1 of the table to this section, the additional personal life-saving appliances set out in column 2."

Taken from http://laws-lois.justice.gc.ca/eng/regulations/SOR-2010-91/page-4.html#h-31

To answer the original posters questions yes those PFDs not safety colored are legal. But I always get the safety colored ones. Even better if you have some high refective "tape" on it. If your needing to be rescued you want to be seen and certainly not run over.

I wear a life jacket all the time.

And I mean ALL the time.

Bad things can happen really really fast.

My hat is off to the life jacket industry with the myriad of types of comfortable designs that are offered to the public.

Like safety glasses and  safety work boots, who needs them?  Nothing will ever happen to me.  Yah Right.