7. American Currency

7.1    Only licensees that conduct bingos from border cities where the majority of bingo players are American may accept American currency for the payment of bingo paper.

7.2

  1. An HCA whose member organizations accept American currency must maintain a separate CDTA in American funds for the purpose of depositing all funds received in American currency and replenishing the float required in American funds. The account must meet all other requirements of these terms and conditions.
  2. No withdrawals, by cheque or otherwise, shall be made from this account except as provided for in these terms and conditions.

7.3

  1. The maximum amount that may be on deposit in the American account at any time must not exceed the licensee’s estimated prize board.
  2. Deposits in excess of the estimated prize board (including interest) must be withdrawn and deposited into the CDTA in Canadian currency.

7.4    The distribution of gross receipts in American currency must be in accordance with the provisions set out herein. Where American currency is accepted, gross receipts must be adjusted as follows:

Total gross receipts in Canadian dollars (+) total gross receipts in American dollars (+) the premium paid on American dollars (-) the premium on the prizes paid in American currency.

7.5

  1. When deducting prizes from the adjusted gross receipts, there must be no premium included that may have been applicable to the prizes paid in American currency.
  2. Expense calculations must be based on the adjusted gross receipts.
  3. All expenses must be paid in Canadian currency only, drawn on the Canadian CDTA.

7.6    For the purposes of calculating the adjusted gross receipts, the daily “buying” exchange rate set by the chartered banks must be used. This information must be obtained from the HCA Administrator on a daily basis.

7.7    All players purchasing bingo paper in American currency must be paid prizes in American currency and may be paid from the cash proceeds or from the American CDTA.

Related Documents

Pooling Bingo Halls: Advertising and Marketing Guidelines
Lottery Licensing Policy Manual, chapter 10, “Bingo—In Pooling Bingo Halls”
Charitable Gaming in Pooling Bingo Halls