Yes.
What CultMinus is suggesting is actually good advice from a risk management perspective, but he's a poor articulator.
When you 'loose' your Canadian passport, you have to report it to the Passport Office and/or authorties immediately. Canadian passports are hot commodities on the black market. When you report the loss, you will have to sign a hand written affidavit detailing your loss ie how was it lost and what did you do to find it. The Passport Office will do a quick investigation and you will need to reapply for a new passport - getting signatures from the garantors again, paying the fees, submitting paperwork, etc...
Note that falsely claiming a lost passport in Canada is bad thing - someone who's a lawyer can tell you if it's criminal or not. I suspect it is - I don't actually know.
Be advised that if it's true that you have to sign an affidavit reporting the loss of your passport (& I'm not sure you have to), you'll be swearing a false affidavit knowingly, which is in fact a criminal offense. You'll have to be caught, of course, but in the post-911 security-conscious world, I wouldn't want to be messing around with passport issues like this...