Yeah WTF...especially since the Canadian dollar is higher than the US dollar right now.
I like how people think everything is a direct currency conversion when obviously there is an entirely different tax and finance structure all-together.
The problem is that the iPhone 4S was $50 cheaper (on par with the US) when it came out, in Canada. Unless that tax and finance structure became more expensive in the past year...I can't see how this is anything short of a money grab.