No, we're not a colony anymore. We haven't been a colony for over 100 years. We are a sovereign nation.
Also, to all of you americans, just because i feel I have to make this point. Some of my friends went to california a while ago, and it shocked me what they thought about canada. Canadians do not have a weird accent, and we live pretty much the exact same as americans do, we just have a little bit more space and cleaner air. I'm only saying this because once an american actually asked me if Canadians lived in log cabins...
The same crap happens between states, people are just dumb in general down here. I'm from Nebraska, when people from the coasts find out they tend to ask if I eat a lot of corn and if I have internet.
But yeah, exchange rates, the Pound (or are we talking Euros?) is worth more than the US Dollar.