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Why local currency? Keeps money in our communities Increases overall spending power Increases local business revenue Encourages collaboration Brings us together to build a stronger, more resilient Basin economy
Why the Community Way model? Building on success. This system has been successfully running in the Comox Valley since 2008. Created by Michael Linton, designer of the LETSystem, who is mentoring the Columbia Community Dollar Development Group. Built-in mechanism to ensure sustainability Based on Open Money principles
Open Money We believe that the problems that come from conventional money can be resolved with open money systems. Where conventional money is scarce and expensive, the new money is sufficient and free. Where conventional money is created by central banks, new money is issued by us, as promises to redeem - our money is our word. Where conventional money flows erratically in and out of our communities, creating dependencies that are harmful to the economy, society and nature, the new complementary money re-circulates, enabling business and trade.
Other Basin communities have expressed interest, including: Invermere, Cranbrook, Kaslo, Creston, Rossland, Nakusp and Valemount. Eventually, Community Dollars will be Basin-wide!
The Money C$1 = CDN$1 Features images of local mountains and wildlife from local photographers Includes security features C$250,000 will be available April 2011 Valid at participating businesses in communities throughout the Basin
Creating the money Businesses issuethe currency by making a donation in C$ to a community group(s) of their choice We recommend that businesses donate C$1000 per FTE, plus a one-time 10% administration fee
If the businesses donates to a registered charity, the donation is tax-deductable.
Honouring C$ When a business makes a donation in C$, they also make a commitment to accept C$ The amount is set as a % of the total sale Businesses are obliged to honour the money for as long as their Community Dollar account is in the negative Accounts may remain negative in perpetuity – no interest is charged on balances.
What percentage to accept? Every business has different operating margins, and the % of C$ they can accept, and on what products, is at the discretion of the business Businesses should ensure that all applicable tax and overhead costs are covered in CDN$.
A restaurant may be able to accept 50%, while a grocery store may only be able to accept 20%
If necessary, certain low-margin goods or services may be excluded altogether.
What percentage to accept? The key is to find an arrangement that suits your business!
Receiving the money Any community group – be it a local charity, a school, a sports team, a non-profit or community event planning committee can register They will be the first beneficiaries of C$ Active community groups may solicit donations from businesses in C$, rather than CAD$ C$ may be withdrawn from accounts by visiting Change Agents
Moving the money Community Groups C$ makes it easier than ever to raise funds locally Community groups can then: Spend C$ at participating businesses Reward volunteers with C$ to thank them for their time and commitment, and top up staff salaries or offer bonuses Exchange C$ for CAD$ with the public
Moving the money Businesses There are many way Local Businesses can move Community Dollars including:
Exchanging CAD$ for C$ Individuals can exchange CDN$ for C$ with groups they’d like to support, and then spend those C$ at participating businesses. This gives community groups the CDN$ they need to do their vital work, and allows individuals to support their favourite group while getting C$ in return, which they can then spend locally. Visit a Change Agent in your community to make an exchange. Making a commitment to exchange CDN$ for C$ each month is an investment in the well-being of your community. Individual pledges to exchange CDN$ for C$ can be made at CommunityDollars.ca
What about taxes? What does the CRA care about?