Just thought I'd update this thread, since I've read about a couple of additional Canadians who have imported BMW (M3's in this case)... Posts this week.
First guy:
"BMW has nothing to do with RIV fee. BMW provides Recall Clearance Letter which RIV needs in order to approve import. I bought used from a BMW dealer and part of the deal was providing the letter along with service history.
I contacted BMW Canada and they stated that warranty will be valid. Once car has first service in Canada it will be in the system under my name... or I can go into local dealer at any time and they'll enter it in."
Second guy:
"WORD. I imported 3 BMWs already, and all 3 had warranty work done without any issues. Recalls are not a problem either - they have the data on US cars jsut the same. Also, recall clearance or service history is something you can get from any (US?) BMW dealer free of charge. Some may try to charge you or be dense about it and tell you they need to see you in person, but they don't - just call another dealer and you'll get a free recall clearance letter via email or fax."