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I'm sure he does since Canada and the US have a dual citizenship agreement (I myself have both US and Canadian citizenship by virtue of birth in the US to Canadian parents).
My first Canadian passport contained the phrase "A Canadian citizen is a British Subject" but my current one no longer says that. This may have changed in 1982 when the Trudeau government introduced the Constitution Act that lead to full political independence from the UK. Canada still regards the Queen as sovereign, but it is likely just ceremonial at this point.
Dunno about that... But: At my home I've trained my oldest son well, so that whenever he sees a picture of Elon he'll point and say: "Look dad, it's Lord Elon!"
Regardless of the history, the convention is that the Prime Minister has to approve the honors. I believe the convention is also that the Prime Minister notapprove the requests - as is well-known, Conrad Black disavowed his Canadian citizenship so he could get his honors.
So in fact being Canadian would make it harder, not easier.