You see every year a solid amount of refused invitations from players of all countries, not just Canada or the US, from Sweden, Finland, Czech republic, Slovakia, and sometimes, even from Russia. I tend to the opinion that the WHC is a good tournament for European players, it's good for hockey. But, it's not best-on-best, the teams' power depends on results in the NHL and the players are not as serious about it as about WC or Olympics.
You take players that are available and wanna play / are invited (you would never have to think this way at World Cup or olympics) - some countries has a lot of them (Russia), some not as many (Czechs, Finland), and some just don't care (Canada, USA) - and play. And when you win, you are a world champion.

In my humble personal opinion, you are not.
You can say, that your team is the best team in the world when you win the olympics or the World Cup, but not the WHC.
It's good when countries like Russia, Sweden, the Czechs, or Canada win such a tournament, while beating the other top teams. But when your team has a near-olympic level squad, and you beat the other teams that have NOT a near-olympic level squad, and have players that belongs into C, D teams in theory, what does such a win really mean?
That your country is suddenly somehow better that the one you just beat?In other words, has Russia, or any other nation, a right to say that they are somehow superior to Canada, or to any other nation, when they beat that team in a tournament like this?
So, if a team wins such a "world championship", good for them. But now it's like an AHL championship with a few NHL stars. I'm saying that only because of some fanatics that claim the WHC is a
very meaningfull tournament. Yes, it is meaningfull, somehow. I quite like watching it, but when I hear that Russia's gold medals from that tournament actually mean a lot and can influence (4 WHC golds = 1 olympic medal or even gold), an opinion on how good actually any country is, then it should be said that making an argument like 'this country is better OVERALL, than that country, because it has more success at the whc' is really crazy. If someone think that Canada have to win more WHC's to be a real #1 - We don't have to. It's ridiculous.
In my opinion, the tournaments that are important for making an argument that 'my country is better at hockey than yours', are World Cup, Olympics, the World Juniors, and maybe, maybe U-18 Championships and Ivan Hlinka Memorial, but mainly the first three.