How can I convince a faculty member to take me on as a summer student/researcher

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I have not been able to obtain a NSERC position in Canada, which is the equivalent of a REU in the US. Can I asked for part-time pay? Express my extreme interest in the research field? Promise that my spring marks are above a certain level?
 
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Some researchers will have the funds to pay you a small stipend (usually less than NSERC) for your summer work. You may or may not also be able to apply for USRA (industrial NSERC--there's a similar thread here regarding that program)--the application for that is four weeks before the start of the job.

If you offer to work for free, yes, a prof will probably take you on. Now, the question is whether or not you want to do this, given that you could have a (non-research) summer job instead and get paid *something*. Whether or not the opportunity cost is worth it is up to you (or you could split the difference and work part / full time at both).

Good luck with your decision making.
 
gee, thanks MATLAB dude.. the person I talked is actually lenient towards giving me some research to do.. you obviously knows the in and outs of the system, at least the Canadian one.. the money is not that important to me.. the professor's particular field is actually why I got into physics in the first place.. I owe you my life for this important piece of consultation, especially if I get a placement.. I hope you were able or on your way to attain your own dreams.