Frequently Asked Questions

Why Should I Use Whitecourt Dollars?

Local currencies keep your dollar circulating in town, rather than being sent out of the area to a company's head office after it is spent. Another way local currencies can increase economic activity is to fund services for individuals or groups that might be short of Canadian dollars.

What About Counterfeiting?

There are safeguards, such as special paper, indented serial numbers and embossed seals that will not photocopy. As well, businesses can set a maximum of Whitecourt Dollars they will accept at one time. Experience has shown that Canadian currency is far more likely to be counterfeit than local currency.

How much does it cost to join? And what do I get for it?

There is a $49.95 fee (Wct$ or Cdn$) for businesses to join. Individuals can participate free of charge.

Who decides what something is worth?

Whitecourt Dollars represent currency. Value and appropriate exchange are negotiated between buyer and seller. One Whitecourt dollar translates to one dollar Canadian.

How do I get Whitecourt Dollars?

You can get Whitecourt Dollars by accepting them from an individual or purchasing them from certain businesses. For the test phase, there will be a limited amount distributed.

What about GST?

If you normally charge GST for your professional service or product the same applies to your barter transactions.

Who makes decisions for the Whitecourt Dollars Project?

Policy decisions will be made by the steering committee and the membership at once a month meetings - usually held in conjunction with a social event. Such decisions will involve how many additional Whitecourt Dollars the local economy can find useful.

How do I make sure I get good value for my Whitecourt Dollars?

Whitecourt dollars are like any other currency and you would check out the service or product the same way you would when you are using Canadian dollars.

What advantage is there for businesses to participate?

Whitecourt dollars can only be spent in the community, and so helps build a strong local economy. Those passing through, also enjoy the new experience of different money, and are increasingly collecting local currency as unique souvenirs.

What about Income Tax?

Barter currency is like any other currency and should be declared if it adds to your personal or business income. Revenue Canada has an Interpretation Bulletin Income Tax Act -- Barter Transactions (1982).

Back to top