The sections of the HTA that were quoted are still current, and in a nutshell, anything other than white or amber to the front, and red to the rear is grounds for a traffic stop and possibly a fine. The fine is $85.
If a ticket were issued, the defendant could ask for a trial, where the officer would have to testify that there was light coming from the motor vehicle, visible to the front, in a colour other than white or amber. The conviction would likely register, unless the defendant could raise a reasonable doubt in the mind of the JP. This is where you produce countless pages of home-grown internet research on the topic and the opinion of Simon Borys. Mr. Borys raises some interesting opinions on the subject, and it may result in a dismissal (which is good for defendant). In order to counter that defence, the officer would have to collect very good evidence at the roadside, that after appeal could potentially make some case law on the subject.
If it were me, I would have a harder time issuing a charge for lighted valve caps than I would for a neon glow kit underneath.