In response to the changing demographics of schools in Canada and to efforts to better equip principals to challenge inequity, leadership preparation programs have adopted new policies focusing on leading with an equity lens. However, studies have demonstrated a disconnect between what is covered in these leadership programs and how school principals actually perceive their ability to lead equitably and work with diverse learners. Six current school principals and vice principals in Ontario, Canada who have successfully completed a Principal Qualification Program course were interviewed to understand their perceptions of the program's ability to prepare them to lead and of concepts of equity, diversity, and inclusion (EDI). The racial experiences and identities of each participant shaped their definitions of EDI as well as their understanding of difference. The findings indicate several critical areas of change for principal preparation programs in Ontario: training guidelines, efforts to prepare educators to be equitable leaders, and the educators' perceptions of their preparedness to lead. Moreover, the use of Critical Race Theory in Education and Applied Critical Leadership helps frame analysis and supports the need to integrate culturally relevant pedagogical practices into leadership preparation programs.