More than 500 guns turned over to police in the first week of the gun buy back program

The stats are in from the gun buy back program, being run by Toronto Police.

In the first week of the three week initiative, police have collected 504 guns, paying out almost $125,000 in the process.

Officers have rounded up 349 long guns, and 155 handguns in the first 7 days of the program, aimed at disposing of any unwanted firearms.

Police say residents can call officers, who will drive over and pick up the guns. If it's found that they haven't been used in a crime, $350 will be paid out for a handgun and $200 for a longun.

If it has been found to have been used in a crime, police say an investigation is launched and potential charges could be laid.

"But I can tell you, in the history of doing these, we haven't found one to be involved in a crime," says Inspector Chris Boddy. "These are for law-abiding gun owners who have them in their possession, often handed down generationally and people find themselves with these firearms and they don't know what to do with them."

Residents will not face charges for improperly storing the guns or having them when they aren't registered.

Police say residents shouldn't just load thier guns into the trunk of their cars, they should simply call the police non-emergency number, and let them handle the transportation.

The program runs until May 17th.