There are only two types of registration for a boat in Canada and they may not exist at the same time.
A Vessel License may favourably be replaced by a Certificate of Registry. Not the contrary.
The Licence is only an identification registration at Transport Canada via Canada Customs and Revenue Agency. The license number includes a letter identifying the province of the original owner or the province where the first license has been issued for the boat (e.g.: D or QC = Quebec, E or ON = Ontario).
It is not a confirmation of ownership !
Mandatory for boats not registered (Certificate of Registry) and having a global motive power of 10 H.P. (7.36 kw.) or more.