Back to the original question of where one *can* fly BVLOS, it's still not allowed in Canada unless you have special permission under an SFOC. But it's important to understand what BVLOS actually means according to these differences in regulations.I've never looked at the Canadian regs, but a quick read of what you posted suggests that your interpretation is correct - the pilot or a VO has to be watching the aircraft at all times, but the pilot doesn't even have to be able to see it as long as a VO with good communication with the pilot is performing that function.
From an FAA perspective, any time the pilot is unable to see the drone, regardless of whether he has a visual observer or not, that's BVLOS. Your regs say the pilot and observer must both be able to see the drone at all times. Even if the pilot is wearing goggles and only the observer is physically looking at the drone, the pilot must still keep it within range to be able to see it if he takes his goggles off.
The Canadian regs allow for the pilot to be unable to see the drone for whatever reason, as long as he has a visual observer in communication keeping track of the drone. This is still considered Visual Line-of-Sight in Canada, but would be deemed BVLOS by the FAA.
I think the Canadian version makes more sense and the FAA's version is overly restrictive.
It's similar to a crane operator lifting construction material from street level onto the rooftop of a tall building. If the operator can't see the load at both ends of the lift, either street level or rooftop, he relies on communication with a visual observer, either by hands signals or by radio, to direct the safe raising or lowering of the cargo load. It would be overly restrictive and make no sense if the rules required that both the operator and observer must be able to see the load at all times.