Toronto dollar
Encyclopedia
The Toronto Dollar, founded in December 1998, is a paper local currency
used in Toronto
, Ontario
and backed by the Canadian dollar
.
The currency is administered by Toronto Dollar Community Projects Inc., a not-for-profit
community group, and is a project of St. Lawrence Works.
The currency can be purchased by anyone at a number of locations at a 1-for-1 rate. Local businesses can agree to accept the currency at par with the Canadian dollar
. Merchants are free to exchange Toronto dollars for Canadian dollars twice a month, at the rate of 90 cents to the dollar.
As of 2008, a little under 150 businesses accepted the Toronto dollar; most of these were in the St. Lawrence Market
and at Gerrard Square.
s and groups, particularly those who are on low incomes, unemployed
or homeless
. As of 2008, the Toronto dollar has helped to raise and donate over $110,000 for local charities, and has given grants to at least 35 different organizations.
The Toronto Dollar also provides an incentive for productivity for welfare
recipients: Toronto dollars can be given as gifts to welfare recipients who perform volunteer work for charitable and non-profit organizations, and such gifts do not affect welfare benefits.
Local currency
In economics, a local currency, in its common usage, is a currency not backed by a national government , and intended to trade only in a small area. As a tool of fiscal localism, local moneys can raise awareness of the state of the local economy, especially among those who may be unfamiliar or...
used in Toronto
Toronto
Toronto is the provincial capital of Ontario and the largest city in Canada. It is located in Southern Ontario on the northwestern shore of Lake Ontario. A relatively modern city, Toronto's history dates back to the late-18th century, when its land was first purchased by the British monarchy from...
, Ontario
Ontario
Ontario is a province of Canada, located in east-central Canada. It is Canada's most populous province and second largest in total area. It is home to the nation's most populous city, Toronto, and the nation's capital, Ottawa....
and backed by the Canadian dollar
Canadian dollar
The Canadian dollar is the currency of Canada. As of 2007, the Canadian dollar is the 7th most traded currency in the world. It is abbreviated with the dollar sign $, or C$ to distinguish it from other dollar-denominated currencies...
.
The currency is administered by Toronto Dollar Community Projects Inc., a not-for-profit
Non-profit organization
Nonprofit organization is neither a legal nor technical definition but generally refers to an organization that uses surplus revenues to achieve its goals, rather than distributing them as profit or dividends...
community group, and is a project of St. Lawrence Works.
The currency can be purchased by anyone at a number of locations at a 1-for-1 rate. Local businesses can agree to accept the currency at par with the Canadian dollar
Canadian dollar
The Canadian dollar is the currency of Canada. As of 2007, the Canadian dollar is the 7th most traded currency in the world. It is abbreviated with the dollar sign $, or C$ to distinguish it from other dollar-denominated currencies...
. Merchants are free to exchange Toronto dollars for Canadian dollars twice a month, at the rate of 90 cents to the dollar.
As of 2008, a little under 150 businesses accepted the Toronto dollar; most of these were in the St. Lawrence Market
St. Lawrence Market
St. Lawrence Market is one of two major markets in Toronto, the other being Kensington Market.It features two buildings, both on the west side of Front St. East and Jarvis St. Each building holds different purposes:...
and at Gerrard Square.
Charity and poverty reduction
The Toronto Dollar varies from most local currencies in that 10% of the funds used when purchasing or redeeming the currency are allocated to benefit community initiativeCommunity development
Community development is a broad term applied to the practices and academic disciplines of civic leaders, activists, involved citizens and professionals to improve various aspects of local communities....
s and groups, particularly those who are on low incomes, unemployed
Unemployment
Unemployment , as defined by the International Labour Organization, occurs when people are without jobs and they have actively sought work within the past four weeks...
or homeless
Homelessness
Homelessness describes the condition of people without a regular dwelling. People who are homeless are unable or unwilling to acquire and maintain regular, safe, and adequate housing, or lack "fixed, regular, and adequate night-time residence." The legal definition of "homeless" varies from country...
. As of 2008, the Toronto dollar has helped to raise and donate over $110,000 for local charities, and has given grants to at least 35 different organizations.
The Toronto Dollar also provides an incentive for productivity for welfare
Welfare
Welfare refers to a broad discourse which may hold certain implications regarding the provision of a minimal level of wellbeing and social support for all citizens without the stigma of charity. This is termed "social solidarity"...
recipients: Toronto dollars can be given as gifts to welfare recipients who perform volunteer work for charitable and non-profit organizations, and such gifts do not affect welfare benefits.