There is a joint agreement between the US and Canada which allows either a US FAA certificate holder or a Canadian certificate holder to convert their licenses .
http://www.tc.gc.ca/CivilAviation/ge...Conversion.htm
The process from FAA to Canadian is fairly easy.
1. Get your Canadian Medical which will give you a number
2. Place that number from medical on your application
3. The Transport Canada will verify your license with the FAA
4. Take your 25 to 40 question written test
5. Visit a Transport Canada official and they will review your log books and flight times
6. pay a fee for each license and you will be issued a ICAO Canadian License.
I think the Canadian license is more valuble than the FAA.