1: Bonhomme, the mascot, wears the arrowed belt (called a voyager sash in English) as an homage to the fur traders in early Canadian history; the belt kept the wind off of them by keeping their jackets tied shut. They were also used as back braces while carrying their canoes, which is also why canoe races are held during the carnival. The carnival started as a celebration before Lent but has now morphed into a general celebration of winter and Canada.
2: At a child baptism in France, usually only the parents and Godparents give gifts to the child, so that's not something the neighborhood kids do. Everything else is true.
Bonne étude ! :3