That isn't exactly profit. As long as things are sold at realistic prices (ie, bulk iPhones are sold to the subsidiary at the same price they would be sold to a

That isn't exactly profit. As long as things are sold at realistic prices (ie, bulk iPhones are sold to the subsidiary at the same price they would be sold to a domestic buyer) then it should all be fine. It generally works out for multinationals headquartered in Canada, but granted there are far fewer tax loopholes here.