Passing A School Bus When Lights Flashing

We all know passing a school bus when the signals are flashing is not only dangerous and pretty stupid, not to mention a good way of getting a whole lot of demerit points but here's a question.

Imagine you are coming up to a "T" junction from one arm of the "T" (left or right really doesn't matter). A school bus is stopped about 10 m back from the Stop sign on the long part of the T facing the top with its signal lights activated. Is it legal to continue along the top of the T without stopping for the bus? As a layman, I'm thinking I'm not overtaking the school bus so no harm, no foul.

I've looked at the MTO site and they address the traditional overtaking of a school bus, not the scenario I described above.

- if the bus is on the vertical part of the "T" with lights activated, the drivers on the horizontal do not have to stop, provided of course they stay on the horizontal.