Hi
First of all, as per Indian Govt, an individual can carry equivalent of 10000 USD in a single trip. This can be in the form of cash, draft, traveler cheques etc..
CAD 14000 can be carried in your name alone because these days USD 1 = CAD 1.33 so shouldn't be a problem. Since these calculations are borderline calculations and you would surely like to be safe, its better if you can split these CAD 14K in two names (either currency, draft etc.) In any case, you would like to carry some amount in currency instead of all in draft, that cash you can show in your wife's name and rest DD in your name. Keep in mind that banks in Canada take around a week to encash your DD.
Secondly, it doesn't matter in whose name who had shown money in the application as long as the money is in the name of the person who was on your application. I am not sure why you have to open an account to take money to any other country?
In case you have any more questions, you can write back on this thread or PM me.