Applecare covers in India ?

It's at the discretion of the people at the service center. They're not obligated to provide coverage and may not be able to replace it with an unit that's functionally-identical to the original.

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Not likely. iPhone warranty is not international to begin with. AppleCare would have to be claimed in the country of purchase. Further, Apple policy requires that if a phone needs to be replaced (the most common thing anyone buys AppleCare+ for), it MUST be replaced with the exact model originally purchased. Apple India would not have a phone which matches the specifications of a phone sold in Canada, so Apple India would refuse to service the device.

Bottom line. It's your money to waste, but that is exactly what you would be doing if you buy an iPhone in Canada and AppleCare as it won't be honored in India at all.