My friends bought me a gift card for Itunes in Canada but I have a US Itunes account?

My friends bought me a gift card for Itunes in Canada (I go to college here but I have a US itunes account). It says it's only valid for the Itunes store in Canada. So will I have to open a NEW itunes account? Furthermore, can I use the Itunes Canada gift card, download paid apps onto my Itunes and transfer it to my Ipad? It's linked to my American account. Or can I ONLY buy songs?
Thanks!