Yes. You absolutely, unequivocally need insurance. Auto insurance is mandatory in Canada, particularly Third-Party Liability and Accident Benefits. In some provinces, Direct Compensation-Property Damage is mandatory as well.
No matter how much of a beater your car is, you need car insurance, or you could face fines and possibly jail time if you’re caught without it more than once.
That said, depending on the value of your car, relative to your deductible and the monthly premium, you may want to opt-out of the optional Collision Damage insurance, especially if what you’ll be paying will exceed the actual value of your car.