BROWSE

Calgary Dollar

Definition

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 as a tool for community economic development as well as a focus for community building.

What is 'Calgary Dollar'

A local currency used in Calgary, Canada. Calgary dollars are part of an initiative to encourage consumers to shop locally, to personalize economic transactions, to foster a sense of community and to increase local self-sufficiency/bioregionalism. Because it is not intended to replace the Canadian dollar, but rather to function alongside it, the Calgary dollar is considered a complementary currency. It is not possible to earn interest by saving Calgary dollars; they are meant to be spent.


Formerly known as a Bow Chinook Hour.

Explaining 'Calgary Dollar'

A nonprofit group called the Arusha Centre founded the Calgary Dollars program in 1996 and has operated it ever since. Consumers and merchants must sign up to participate. Calgary dollars are plastic bills that come in denominations of 1, 5, 10, 25 and 50 dollars. They can be used to buy all the basics, like food, clothing and transportation as well as arts and leisure items. Calgary dollars are essentially a barter system. The system is legal and businesses pay taxes on the Calgary dollars they earn.


Participating local merchants can choose to accept Calgary dollars for 25% to 100% of the price of their goods and services. A customer might pay for a $20 purchase with $5 in Calgary dollars and $15 in Canadian dollars at a business that accepts 25% Calgary dollars.


Further Reading


The effects of oil prices and other economic indicators on housing prices in Calgary, Canada
dspace.mit.edu [PDF]
… in real oil prices would result in an increase in house prices. Exchange Rate 6 Since oil is an export oriented industry and is sold is USD/barrel, Calgary is expected to … 6 Foreign exchange of US dollar rates in Canadian dollars. Noon spot rate, average …

TIF for that: brownfield redevelopment financing in North America and Calgary's Rivers DistrictTIF for that: brownfield redevelopment financing in North America and Calgary's Rivers District
academic.oup.com [PDF]
… in real oil prices would result in an increase in house prices. Exchange Rate 6 Since oil is an export oriented industry and is sold is USD/barrel, Calgary is expected to … 6 Foreign exchange of US dollar rates in Canadian dollars. Noon spot rate, average …

Regulating Election Finances in Calgary's Municipal ElectionsRegulating Election Finances in Calgary's Municipal Elections
papers.ssrn.com [PDF]
… in real oil prices would result in an increase in house prices. Exchange Rate 6 Since oil is an export oriented industry and is sold is USD/barrel, Calgary is expected to … 6 Foreign exchange of US dollar rates in Canadian dollars. Noon spot rate, average …

Political finance in city elections: Toronto and Calgary comparedPolitical finance in city elections: Toronto and Calgary compared
ojs.unbc.ca [PDF]
… in real oil prices would result in an increase in house prices. Exchange Rate 6 Since oil is an export oriented industry and is sold is USD/barrel, Calgary is expected to … 6 Foreign exchange of US dollar rates in Canadian dollars. Noon spot rate, average …

Private capital flows, financial development, and economic growth in developing countriesPrivate capital flows, financial development, and economic growth in developing countries
www.bankofcanada.ca [PDF]
… in real oil prices would result in an increase in house prices. Exchange Rate 6 Since oil is an export oriented industry and is sold is USD/barrel, Calgary is expected to … 6 Foreign exchange of US dollar rates in Canadian dollars. Noon spot rate, average …



Q&A About Calgary Dollar


What does the Arusha Centre do?

The Arusha Centre founded the Calgary Dollars program in 1996 and has operated it ever since.

Is there more than one type of complementary currency besides the Bow Chinook Hour/Calgary Dollar?

Yes, there are many types including BerkShares, Ithaca Hours, Lewes Pounds, LETS Systems (Local Exchange Trading Systems), Time Banks and WIR Bank (Wirtschaftsring). "

Where can you spend your Calgary dollars?

You can spend your Calgary dollars at participating local merchants who accept them for 25 to 1 of their price of goods and services.

How much money do businesses pay taxes on if they accept 25 Calagary Dollars for every one Canadian Dollar that they sell?

Businesses pay taxes on all sales made with Calagary Dollars just like any other business transaction."

How do you earn interest on Calgary dollars?

You cannot earn interest on Calgary dollars. They are meant to be spent.

Who can use Calgary dollars?

Consumers and merchants must sign up to participate.

Why would someone want to use a complementary currency instead of regular money?

Some people believe that using complementary currencies helps strengthen community ties because people have to interact with each other face-to-face rather than through impersonal transactions such as online banking or credit card purchases."

What is a Bow Chinook Hour?

Formerly known as a Bow Chinook Hour, it was renamed by the Arusha Centre in 1996 when they took over its administration from the City of Calgary's Economic Development Department which had created it as an experimental project two years earlier."

What is Calgary dollar?

A local currency used in Calgary, Canada.

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