Three sides of the Canada Basin are bordered by high-standing, conjugate rift shoulders of the Chukchi Borderland, Alaska and Canada. The Alaska and Canada margins are mantled with thick, growth-faulted sediment prisms, and the Chukchi Borderland contains only a thin veneer of sediment. The rift-margin strata of Alaska and Canada reflect the tectonics and sediment dispersal systems of adjacent continental regions whereas the Chukchi Borderland was tectonically isolated from these sediment dispersal systems. Along the eastern Alaska–southern Canada margin, termed herein the ‘Canning–Mackenzie deformed margin’, the rifted margin is deformed by ongoing Brooks Range tectonism. Additional contractional structures occur in a gravity fold belt that may be present along the entire Alaska and Canada margins of the Canada Basin. Source-rock data inboard of the rift shoulders and regional palaeogeographic reconstructions suggest three potential source-rock intervals: Lower Cretaceous (Hauterivian–Albian), Upper Cretaceous (mostly Turonian) and Lower Palaeogene. Burial history modelling indicates favourable timing for generation from all three intervals beneath the Alaska and Canada passive margins, and an active petroleum system has been documented in the Canning–Mackenzie deformed margin. Assessment of undiscovered petroleum resources indicates the greatest potential in the Canning–Mackenzie deformed margin and significant potential in the Canada and Alaska passive margins.