I don't understand how you have all legit paperwork and paid taxes etc if the bike was never properly imported.
What "legit" paperwork are you talking about? Sounds to me like the owner (US resident) simply brought it across for personal use, and never actually imported it (just left it in Canada).
I'm also not sure about this whole "competition use only" thing, and the fact that RIV claims they are not regulated. Providing it has a VIN number, you should have no problems importing it.
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