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Why Canada Doesn't Accept U.s. Dollers
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Everyone who’s interested in the economy knows the fact that Canada and United States have been biggest trade partners for considerably longer. With a lot of trade occurring in between both, Why are U.S. dollars not accepted in Canada?
There are a few implications considered while performing private contracts and transactions.
The Currency Act, states:
“Every contract, sale, payment, bill, note, instrument and security for money and every transaction, dealing, matter and thing relating to money or involving the payment of or the liability to pay money shall be made, executed, entered into, done or carried out in the currency of Canada.”
Though, there is an excellent statement described in the same section which dictates, “unless it is made, executed, entered into, done or carried out in the currency of a country other than Canada.” Explaining in simple words, other currencies can also be used in private transactions, but they required to be mainly selected by the government bodies.
However, there are many settings where U.S. dollar is accepted in Canada. Hotels, gift shops, restaurants and related associations with tourism industry take U.S. dollar conveniently. These sectors also avail a natural exchange rate to the customers/users.
Many big corporate and official transactions are also being completed with U.S. dollars.
Effect on out of The Boundary Businesses
The consideration of conceding both the currencies at their appropriate place plays an essential role in out of the boundary dealings. Most recently in 2016, the power of the U.S. dollar in comparison to its Canadian counterpart generated increments for Americans to invest in Canada. Increased American tourists also noticed by the tourism industry and many of the Canadian Businesses also hold ownership of Americans.
The duality in currencies also affects entertainment and sports department. Hockey is essential to Canadians, and there’s always an agitation that teams may be reassigned to the U.S., which has already happened with the Winnipeg Jets and Quebec Nordiques in 1990. The point to consider here is that teams earn via ticket and merchandise sales in the form of Canadian dollars but pay associated players in U.S. dollars.
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