Calgary Dollar
| Calgary Dollar | |
|---|---|
| File:CalgaryDollarsCurrency.jpg Calgary Dollars as printed currency | |
| Unit | |
| Symbol | C$ |
| Demographics | |
| Date of introduction | 1995 |
| User(s) | Calgary, Alberta, Canada |
| Issuance | |
| Central bank | Arusha Centre |
| Website | http://www.calgarydollars.ca/ |
The Calgary Dollar is a local currency in Calgary, Alberta, Canada. While functioning as a limited form of currency within Calgary, it is not legal tender nor is it backed by a national government. Instead, the currency serves (according to its proponents) as a tool for community economic development as well as a focus for community building.
Click to check out the official Calgary Dollars website
Check out the Calgary Dollars explainer video here
Overview
It comes in denominations of 1, 5, 10, 25, and 50 Calgary Dollars. The bills are printed on a plastic material in the same dimensions as the Canadian dollar. In print, the currency is commonly abbreviated as "C$".[1]
The currency was founded in 1995 as a project of The Arusha Centre in Calgary. The project was originally called the "Bow Chinook Barter Community (BCBC)", and the currency was named the "Bow Chinook Hour". In 2002, the "Bow Chinook Hour" currency was replaced with "Calgary Dollars" (which was also adopted as the new name of the project).
The Calgary Dollars organization considers its local currency to be implicitly sanctioned by the Canada Revenue Agency (CRA) based on a CRA publication which discusses the taxation of "credit units possessing a notional monetary unit value" used as a medium of exchange by local barter groups.[2][3]
In 2018 Calgary Dollars launched a digital component with a new online listings platform, app for iOS and android and a new website.
Digital Currency
On November 30th, 2018, Calgary Dollars officially launched its digital platform, following the soft launch in August 2018. The digital platform revolutionized Calgary Dollars ability to reach broader communities and make it more user-friendly. The digital system makes transactions easier through interactions similar to online banking and includes an app for mobility and ease of use.
Calgary Dollars hosts hundreds of users, including local businesses and individuals buying and selling their goods and services, taking full or partial payment in Calgary Dollars. By buying and selling using Calgary Dollars, you’ll feel good knowing that you’re generating social, economic, and environmental benefits.
Calgary’s Minister of Finance, Joe Ceci, shares his support for Calgary Dollars: “C$ success with business and local economic resiliency makes it an important contribution to the City of Calgary. Through C$ our communities can strengthen their genuine wealth, which lies in the skills, talents and capabilities of its members.”
See also
References
- ^ "About". Calgary Dollars. Arusha Centre. Retrieved 10 February 2018.
- ^
"What about Income Tax?". Calgary Dollars. Archived from the original on October 18, 2006. Retrieved November 24, 2006.
{{cite web}}: Unknown parameter|deadurl=ignored (|url-status=suggested) (help) - ^ "IT-490 Barter Transactions". Canada Revenue Agency. July 1982. Retrieved November 24, 2006.