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you're right. I just bought a gift card using my US account and had it emailed to a second email address. I switched my browser to a Canadian Proxy Server, and went to Kobo and set up a second account using a Canadian address and bought a book using Canadian prices and the 50% off code. I never even entered a credit card on the Canadian Account, I just applied the gift card to the account as a store credit.
It was a bit of work, but saved me about $5 on the book off of US Agency pricing.
The only drawback is the minimum gift card amount is $10 - so now I have a balance waiting to be used.
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