Motoreiter gets the prize (from Moscova, no less). In the USA, title indicates ownership; registration indicates current payment of taxes, number plate, and whatever else is required by a given state, which varies greatly. When I started owning cars and trucks back in the Middle Ages or so, some states issued titles while others did; I don't know whether that's still true.
If you'd done a search on this site, you'd have come across all sorts of discussions of whether titles are necessary in Latin America. Some say no, never; others say yes, always. I've been through borders without ever showing my title, but when I go on line to tell people this others jump in to say that they crossed at the same spot a month or two later and needed to present their title.
My conclusion is that a title is a handy thing to have....once in a while. I've actually needed mine twice AFAIR, in a hundred or more border crossings. On those two occasions, I was glad I had it. I also carry authentic documents in addition to the laminated color photocopies I use at borders and traffic stops; every so often I'm glad I've got them too, though usually no one notices or cares. Same deal.
The fact that at least some and maybe all Canadian provinces don't issue separate documents must not present much of a problem, since Canadians routinely ride bikes to and from Ushuaia and other places. If you're carrying whatever your locality issues to prove ownership of the bike, you'll have no trouble at borders. If you don't carry it--maybe because you can't see why they would require it--you'll run into trouble sooner or later. Could be right away, could be ten years down the road. Do you feel lucky?
Hope that's helpful.
Mark
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