Calgary Dollar: Difference between revisions
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Revision as of 14:18, 1 October 2010
Calgary Dollars are a local currency in Calgary, Alberta, Canada. While functioning as a limited form of currency within Calgary, they are not a legal tender nor are they backed by a national government. Instead, the currency serves (according to their proponents) as a tool for community economic development as well as a focus for community building. 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.[1] [2]
The Currency
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$".
History
The currency was founded in 1996 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).
See also
References
- ^ "What about Income Tax?". Calgary Dollars. Archived from the original on October 18, 2006. Retrieved November 24, 2006.
- ^ "IT-490 Barter Transactions". Canada Revenue Agency. 1982. Retrieved November 24, 2006.
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