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This paper underscores the significance of safety and reliability in the realm of unmanned aerial vehicle (UAV) technologies, and how regulations play a pivotal role in ensuring their responsible use. We have analyzed safety incidents and trends both in Canada and globally, noting a decline in incidents attributed to enhanced regulations. Our comparative analysis of different UAV technologies identified batteries as the most reliable power supply, Global Navigation Satellite System as the most effective navigation system, and light detection and ranging as the optimal optical sensor due to regulatory compliance and system redundancies. We also examined the regulatory framework in Canada, comparing it with the risk-based approach of the European Union Aviation Safety Agency and the efforts of Joint Authorities for Rule-making on Unmanned Systems towards global harmonization. Furthermore, we highlighted emerging trends in automation and flight control technologies, with a focus on European regulations shaping UAV automation trends. In conclusion, by adhering to best practices from other regulatory bodies, embracing emerging trends, and adopting a risk-based approach, Canada can promote the growth of the UAV industry while ensuring safety and reliability in UAV technologies.