Toronto Dollar

This concept is new to me -- I found out about it in Now. The Toronto Dollar concept, is actually about real money -- Toronto dollars, instead of the Canadian money. The concept aims to keep local spending local -- to make the local economy vibrant and prosperous -- because Toronto dollars can't be spent anywhere else except in Toronto, at businesses that support the currency. How it works? You can exchange 1 Canadian dollar for 1 Toronto dollar, but there's a catch. 10-cents of the purchase price of the Toronto dollar goes towards the Toronto Dollar Projects Fund. You can use the Toronto dollar in local businesses that support it (there is a $25 registration fee for new businesses), and even pay part-time staff with it. Businesses basically agree to a 10% discount on their goods and services -- but in return, they get local community loyalty. Check out other local currencies here.

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