The pink copy says it's only valid in the U.S. (this is an FAA thing, not a Canadian requirement). This, presumably, is because the form is temporary and has not been vetted by the FAA yet. So the aircraft is not allowed to leave the U.S. (and FAA jurisdiction) until they've had a chance to approve the change of registration and issue a permanent registration slip.
My opinion is that the pink copy is valid only in the US because it's not a vetted document (anyone can fill one out but not send to the FAA) so other countries will not accept it.
As Hung said, the FAA doesn't care about ownership, only registration. In fact, I believe their paperwork still has wording to that effect ("registration cannot be used to determine ownership" or some such phrasing).
It wouldn't hurt to do as Gerardo mentioned and write up a Bill of Sale and keep a copy for yourself. If nothing else, it'll help show the local taxing authority when the airplane left your possession so that you don't continue to get billed.
According to
info on the FAA site [
faa.gov] , evidence of ownership such as a bill of sale is one of the required documents for registering a plane. The FAA's Bill of Sale (form 8050-2) only has signature of the seller. It protects the buyer because the previous owner signed it.
To show that you no longer own the plane because somebody bought it, you'll need to make up your own document where the BUYER signs it.
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