If you listen to the DVD commentary, they talk about the American fifty dollar bill. They mention that an American fifty is VERY recognisable in many countries (including Canada), as opposed to a Canadian fifty which is not as well known (and doesn't look as nice, acording to the director).
The word "gitch" was also mentioned. Acording to the director, they tried to think of a different word to use. (They wondered if any kids said gitch anymore) For a lack of a "better" word, gitch stayed in the movie. As an American, I had never heard the word used before.
The movie itself, although it was filmed in Canada, does not really specify a country or location. References to general Patton would suggest the kids were American but again it is not specific.
Many movies are filmed in Canada but are supposed to take place in the US, so it would not be unusual for this to be about American kids. I think the movie was meant to relate to both countries and the money was recognizable to both countries as well.
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