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Population of Comox Valley ~65,000, Population of CB ~160,000
Columbia Community Dollars<br />communitydollars.ca<br />
Why local currency?<br />Keeps money in our communities<br />Increases overall spending power<br />Increases local business revenue<br />Encourages collaboration<br />Brings us together to build a stronger, more resilient Basin economy<br />
Why the Community Way model?<br />Building on success. This system has been successfully running in the Comox Valley since 2008.<br />Created by Michael Linton, designer of the LETSystem, who is mentoring the Columbia Community Dollar Development Group.<br />Built-in mechanism to ensure sustainability<br />Based on Open Money principles<br />
Open Money<br />We believe that the problems that come from conventional money can be resolved with open money systems. <br />Where conventional money is scarce and expensive, the new money is sufficient and free. <br />Where conventional money is created by central banks, new money is issued by us, as promises to redeem - our money is our word. <br />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.<br />
Nelson</li></ul>Other Basin communities have expressed interest, including: Invermere, Cranbrook, Kaslo, Creston, Rossland, Nakusp and Valemount.<br />Eventually, Community Dollars will be Basin-wide!<br />
The Money<br />C$1 = CDN$1<br />Features images of local mountains and wildlife from local photographers<br />Includes security features<br />C$250,000 will be available April 2011<br />Valid at participating businesses in communities throughout the Basin<br />
Creating the money<br />Businesses issuethe currency by making a donation in C$ to a community group(s) of their choice<br />We recommend that businesses donate C$1000 per FTE, plus a one-time 10%<br /> administration fee<br /><ul><li>If the businesses donates to a registered charity, the donation is tax-deductable.
No hard cash has changed hands at this point.</li></li></ul><li>Honouring C$<br />When a business makes a donation in C$, they also make a commitment to accept C$<br />The amount is set as a % of the total sale<br />Businesses are obliged to honour the money for as long as their Community Dollar account is in the negative<br />Accounts may remain negative in perpetuity – no interest is charged on balances.<br />
What percentage to accept?<br />Every business has different operating margins, and the % of C$ they can accept, and on what products, is at the discretion of the business<br />Businesses should ensure that all applicable tax and overhead costs are covered in CDN$.<br /><ul><li>A restaurant may be able to accept 50%, while a grocery store may only be able to accept 20%
If necessary, certain low-margin goods or services may be excluded altogether.</li></li></ul><li>What percentage to accept?<br />The key is to find an arrangement that suits your business!<br />
Receiving the money<br />Any community group – be it a local charity, a school, a sports team, a non-profit or community event planning committee can register<br />They will be the first beneficiaries of C$<br />Active community groups may solicit donations from businesses in C$, rather than CAD$<br />C$ may be withdrawn from accounts by visiting Change Agents<br />
Moving the money<br />Community Groups<br />C$ makes it easier than ever to raise funds locally<br />Community groups can then:<br />Spend C$ at participating businesses<br />Reward volunteers with C$ to thank them for their time and commitment, and top up staff salaries or offer bonuses<br />Exchange C$ for CAD$ with the public<br />
Moving the money<br />Businesses<br /> There are many way Local Businesses can move Community Dollars including:<br /><ul><li>Spend C$ at other participating businesses
Employ local people to do things your business needs: that new paint job, a professional website, a snazzy new logo
Reward staff by offering them bonuses or top up salaries in C$</li></li></ul><li>Moving the money<br />Individuals<br />Individuals participate byspending C$!<br />How do you get them?<br /><ul><li>Asking businesses for change in C$
Accepting C$ as a bonus, or as a portion of or top-up to wages
Accepting C$ as a reward for volunteer work</li></ul>But, the best wayis by:<br />
Exchanging CAD$ for C$<br />Individuals can exchange CDN$ for C$ with groups they’d like to support, and then spend those C$ at participating businesses.<br />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.<br />Visit a Change Agent in your community to make an exchange.<br />Making a commitment to exchange CDN$ for C$ each month is an investment in the well-being of your community.<br />Individual pledges to exchange CDN$ for C$ can be made at CommunityDollars.ca<br />
What about taxes?<br />What does the CRA care about?<br /><ul><li>Are people and businesses paying their taxes?
Are people and businesses paying their taxes?</li></ul>Community currencies are not a new concept.<br />The CRA has clarified their position on barter systems and community currencies, and there is no issue, provided that all applicable taxes are paid.<br />