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).
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