99% of the time, yes, you’ll need full coverage on a leased or financed vehicle in Canada.
Full coverage covers replacement/repair costs associated with your vehicle after you’re involved in an accident which you’ are deemed “at-fault”. If you’re leasing or financing your vehicle, you technically don’t own it until you’ve completed all your leasing or financing payments. Because of this, the overwhelming majority of leased or financed vehicles will require full coverage.