Should there be a push to make establishments accept Canadian money in Detroit?

[Canadian Visitor]

Bermuda has their currency pegged to the US dollar. What would be the implications for Canada to do that? Would it limit their budgetary and fiscal practices?

Starting by saying I'm not a FOREX expert.

***

However, the Canadian Dollar was pegged to the USD for much of its history, with a few intermittent breaks. Typically at about US$1 = CDN$1.10 though it was set to parity for a time as well.

Its been floated since 1970.

***

Pegging can only be done if a Nation has large FOREX reserves, particularly of the country you wish to peg to.

Canada currently has about $77B in reserves total, which I suspect, as a non-expert is far too low for that sorta thing.

Reserves of course can be amassed, but there are risks associated w/this, notably inflation.

I'm not sure that Canada would accrue a substantial advantage at the moment seeing as the dollar is trading in the range of .80c to the USD.

That should be reasonably attractive for exporters and tourism while still having reasonable buying power in the US market.

****

Merging the currencies has been periodically discussed at the highest levels, but would be seen here as a loss of sovereignty and thus not particularly popular.

***

Should add, the latter and/or pegging might cause some international issues, as the Cdn Dollar is now the 5th largest reserve currency in the world. [[Though...at only about 3% of global reserves, maybe not)

[Király]

I'm not sure that Canada would accrue a substantial advantage at the moment seeing as the dollar is trading in the range of .80c to the USD.

The inverse tripped you up; the Canadian dollar is at $1.25 to theUSD

[Newdetroit]

Accepting Canadian currency only promotes cross border trade. In addition, it shows Detroit's connection to Canada. Third, it fosters the idea of Detroit being an international city connected to Canada. Not sure why people oppose this except if there is a feeling of exclusivity and the attitude.."why should we." When I travel internationally, you can use American dollars. I find it odd that Detroit businesses a stone throw from Windsor do not accept Canadian currency as if Canada is this far away distant land.

[Cliffy]

This topic is kind of pointless in the fact that most business' accept credit cards.

[canuck]

This topic is kind of pointless in the fact that most business' accept credit cards.

Yep. I hardly use cash anywhere anymore. I avoid using a debit card because I once had my pin stolen from a sucker transaction. They got 500 bucks from my bank account. I use my credit card non-stop and get refunds.

[Cliffy]

Yep. I hardly use cash anywhere anymore. I avoid using a debit card because I once had my pin stolen from a sucker transaction. They got 500 bucks from my bank account. I use my credit card non-stop and get refunds.

Exactly. I get cashback which is nice. I don't think I ever have more than $50 on me. I never used a debit card because why bother when you get cashback with a regular card and the whole fact that its coming directly out of my checking account bothered me. Then you have older people like my dad who only uses cash.

[Wheels]

After taxes Canadians don't have any money left!

[Canadian Visitor]

After taxes Canadians don't have any money left!

Yes! That's why Sak's is currently building 3 Toronto stores, and Nordstrom is currently building 3 Toronto stores and Holt's [[Canada's homemade version of Saks) is currently building 1 new Toronto store and expanding 2 others).

That's also Why Toronto has 5 Whole Foods with 4 more being added.

Just a bit of hyperbole there Wheels.

[Wheels]

Yes! That's why Sak's is currently building 3 Toronto stores, and Nordstrom is currently building 3 Toronto stores and Holt's [[Canada's homemade version of Saks) is currently building 1 new Toronto store and expanding 2 others).

That's also Why Toronto has 5 Whole Foods with 4 more being added.

Just a bit of hyperbole there Wheels.

Yes and Windsor is booming too!

[Canadian Visitor]

Yes and Windsor is booming too!

Relevant to your statement about Canadians and taxes...how?

Windsor's taxes [[income/sales/corporate) are the same as Toronto's.

Windsor is suffering through some of the same issues as Detroit, particularly around downsizing by the 'Big Three', particularly in the Windsor area.

It will recover, but that's not a function of personal taxation levels. That is an issue of trade policy, combined w/rapid automation in that employment segment.

[yupislyr]

After taxes Canadians don't have any money left!

It's actually reversed, it's you US folks that need the help...

http://www.nytimes.com/2014/04/23/up...abt=0002&abg=0

[yupislyr]

Exactly the correct answer. I'll just add that Canadiens must love carrying coins where Americans positively hate them. Nobody would be happy with the outcome.

Or we simply don't care since the use of non-cash payments in Canada is among the highest in the world. ATM use and deployment here is forecast to be on the decline because of the wide acceptance of plastic.

I'm more likely to be stuck with US coins than Canadian. The only reason I have any CAD coins are for local parking meters.

[yupislyr]

Exactly. I get cashback which is nice. I don't think I ever have more than $50 on me. I never used a debit card because why bother when you get cashback with a regular card and the whole fact that its coming directly out of my checking account bothered me. Then you have older people like my dad who only uses cash.

You do get raped though on currency conversions on most Canadian credit cards unless it's a USD denominated card. The popular charge is an extra 2.5% on top of the currency conversion.

I personally use the Amazon.ca Visa. The currency conversion charge is 0%, and then for the actual currency conversion between USD and CAD they charge the Visa International rate which is typically very close to the spot rate.

[Bham1982]

Yes! That's why Sak's is currently building 3 Toronto stores, and Nordstrom is currently building 3 Toronto stores and Holt's [[Canada's homemade version of Saks) is currently building 1 new Toronto store and expanding 2 others).

That's also Why Toronto has 5 Whole Foods with 4 more being added.

Just a bit of hyperbole there Wheels.

This is pretty much all wrong.

There are some of these stores coming to Toronto but they are just replacing existing stores that are downsizing or shutting down [[so, for example, Hudsons Bay department store is downsizing and closing half their flagship store, so Saks is taking the empty space).

And your numbers are all wrong [[so, for example, there are 2 Toronto WF, not 9, there's one Toronto Saks, not 3, and Holt Renfew is not expanding; they are struggling and closing stores). Holt Renfew in particular is probably doomed with the entry of U.S. luxury retailers into Canada. They can't compete.

Toronto is a pretty good retail environment but generally doesn't have the retail offerings of similarly sized U.S. cities. Canadians don't spend as much on soft goods [[partly because they spend much more on real estate) and soft goods just cost more than in the U.S. That's why there are buses full of Ontario ladies visiting Somerset, even with the crappy conversion rate.

[Richard]

What about vending machines,portable ATMs and the little crane machines and such would they be also forced to comply? Are businesses going to be forced to comply or are they going to comply because of demand should it arise and it proves to be an additional revenue source.

The are some that make millions per day playing the currancy market and exchange fees,not sure if they would be willing to give that up easily.

But that does not say thinking out of the box for solutions is a bad thing or should be discouraged.

[Canadian Visitor]

This is pretty much all wrong.

There are some of these stores coming to Toronto but they are just replacing existing stores that are downsizing or shutting down [[so, for example, Hudsons Bay department store is downsizing and closing half their flagship store, so Saks is taking the empty space).

And your numbers are all wrong [[so, for example, there are 2 Toronto WF, not 9, there's one Toronto Saks, not 3, and Holt Renfew is not expanding; they are struggling and closing stores). Holt Renfew in particular is probably doomed with the entry of U.S. luxury retailers into Canada. They can't compete.

Toronto is a pretty good retail environment but generally doesn't have the retail offerings of similarly sized U.S. cities. Canadians don't spend as much on soft goods [[partly because they spend much more on real estate) and soft goods just cost more than in the U.S. That's why there are buses full of Ontario ladies visiting Somerset, even with the crappy conversion rate.

I've long since learned you as a poster are a troll and an ass and that you regularly demonstrate how ill-informed you are, or that you lie. Be that as it may I'll resist the temptation to make fun of you as a barely literate troglodyte and just correct your misinformation instead.

First off, The Sak's going in on Queen St will occupy 150,000sq ft in a 1,000,000sq ft Hudson's Bay, occupying just under 1/2 of the basement and floors 1-3. The store is actually being expanded into some of the adjacent office space as well.

Second, Hudson's Bay profits are up and it hasn't closed a single location anywhere in the last several years.

Third, a Sak's store has already been announced for Toronto's Sherway Garden's mall [[store 2).

Nordstrom is already announced for Toronto's Eaton Centre, Yorkdale Mall and Square One in the adjacent suburb of Mississauga.

There will be more announcements, shortly.

Holt Renfew is building a new location at Square One, just opened an expanded location at Yorkdale, is maintaining its Sherway store and has announced plans to expand its Bloor Street flagship.

Just this morning the upscale dept store Simons from Quebec announced 2 new Toronto stores and is searching for d/t real estate.

And are you seriously suggesting these are replacing Target? Uhhhh [[Walmart, Lowes, Canadian Tire etc. are replacing some of the Targets, others will be torn down as they were crappy locations in the first place.) PS there was never a Target at Yorkdale or Sherway.

My numbers on Whole Foods are just a tad off....but

Whole Foods is open in Toronto's Yorkville area, and at Yonge/Sheppard and just finishing construction of one at Bayview and Eglinton; and has suburban stores in Markham, Mississauga, and Oakville and several others are imminent.

The Yorkville store is being expanded.

Eataly just announced their intention to be in Toronto shortly.

***

None of the above is remotely on topic, nor was my previous post which was merely a rebuttal of earlier dubious implication [[by a diff. poster)

I don't come here to yap about Toronto except to compare notes on how things are done where useful and appropriate to a thread. But I don't take kindly to peopleblathering on in an insulting manner about my country with information that is variously wrong, outdated or crafted to be disingenuous.

There are many wonderful posters here, and many wonderful folks in Detroit; you are neither.

[ABetterDetroit]

I've long since learned you as a poster are a troll and an ass and that you regularly demonstrate how ill-informed you are, or that you lie. Be that as it may I'll resist the temptation to make fun of you as a barely literate troglodyte and just correct your misinformation instead.

First off, The Sak's going in on Queen St will occupy 150,000sq ft in a 1,000,000sq ft Hudson's Bay, occupying just under 1/2 of the basement and floors 1-3. The store is actually being expanded into some of the adjacent office space as well.

Second, Hudson's Bay profits are up and it hasn't closed a single location anywhere in the last several years.

Third, a Sak's store has already been announced for Toronto's Sherway Garden's mall [[store 2).

Nordstrom is already announced for Toronto's Eaton Centre, Yorkdale Mall and Square One in the adjacent suburb of Mississauga.

There will be more announcements, shortly.

Holt Renfew is building a new location at Square One, just opened an expanded location at Yorkdale, is maintaining its Sherway store and has announced plans to expand its Bloor Street flagship.

Just this morning the upscale dept store Simons from Quebec announced 2 new Toronto stores and is searching for d/t real estate.

And are you seriously suggesting these are replacing Target? Uhhhh [[Walmart, Lowes, Canadian Tire etc. are replacing some of the Targets, others will be torn down as they were crappy locations in the first place.) PS there was never a Target at Yorkdale or Sherway.

My numbers on Whole Foods are just a tad off....but

Whole Foods is open in Toronto's Yorkville area, and at Yonge/Sheppard and just finishing construction of one at Bayview and Eglinton; and has suburban stores in Markham, Mississauga, and Oakville and several others are imminent.

The Yorkville store is being expanded.

Eataly just announced their intention to be in Toronto shortly.

***

None of the above is remotely on topic, nor was my previous post which was merely a rebuttal of earlier dubious implication [[by a diff. poster)

I don't come here to yap about Toronto except to compare notes on how things are done where useful and appropriate to a thread. But I don't take kindly to peopleblathering on in an insulting manner about my country with information that is variously wrong, outdated or crafted to be disingenuous.

There are many wonderful posters here, and many wonderful folks in Detroit; you are neither.

I do not have to go out on a limb on this one. Toronto is a fantastic city that has everything, incredible islands, parks, theater, food & drink places, sports; just a ton of things to do. But that's not why I am writing this post.

What Toronto and all of Ontario has that is second to none, including cities like Paris, New York , San Fran and anywhere else you can think of, is an unlimited supply of nice genuine friendly people. I could tell stories endlessly about how really kind the people are from Ontario. When you're at a hotel in the Caribbean and someone bought the happy hour beer buckets and is passing them out around the pool to everyone? They are from Ontario. [[Happened to me many times). The fact is, over and over, when we travel to warm destinations in the winter and we meet good people, more often than not they are Canadians. I dive, the wife does not. When we travel and I go on the dive boats by myself, who do I end up visiting with repeatedly? Yep, same answer. I can assure you that they are never from New York, but the New Yorkers are always there holding court for anyone who will listen about how everywhere else they have ever dove is better. Just a few weeks ago, we were at Movement in Detroit. Kids from all over the world and states were there. Again, the nicest ones we met this year were from Toronto. We were at a concert 5 years ago at the Air Canada Center and made friends with a kid that likes the same music as us one night. Now he is a friend of mine. Exchanged txts with him just this morning. People you meet and make fast friends? Only in Toronto, not so much in San Francisco. Oh they talk, but they are as shallow as a puddle. Ever walked into a bar during the Olympics when the Canadians are playing hockey? I have. Your money is useless. The guys from Ontario already have your tab covered. Nice people sitting next to you at a lions game wearing opposition colors? Again, if they're nice they are from Ontario. You're looking at your tourist map from the hotel in downtown Toronto, there is no chance somebody won't stop to help immediately. [[Again, been there) I was in a long line at a sandwich shop to get a picnic for the islands once, half the line helped plan our whole day itinerary. I couldn't believe it. It was their lunch break on a Friday and all they wanted to do was help us. The whole line! Try that in Paris or London and good luck. I have many more but Lowell wouldn't want me to use all his space.

Detroit has a full plate of problems to get to work on but our neighbors across the river in a foreign country are not one of them. The fact is, in the foreign neighbor department, we are truly blessed by the quality of the people and the country as a whole. There are very few cities in the world on an international border that can say that about the country on the other side.

[Oddz313]

The Anchor bar 450 W fort, they accept the funny money