The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

www.insidehalton.com |OAKVILLE BEAVER |Thursday, August 24, 2017 |16 aying for goods and services the old fashion way, with cash, is quickly be coming a thing of the past. An increas ing number of customers and businesses hnd cash to be an inefficient way to do busi ness. When a business collects cash there is a fair amount of important work that goes on in order to deposit it into its bank account. Lots of issues need to be addressed that in clude both staff and management -- count ing paper bills and coins, monitoring that process, and keeping up-to-date and accu rate records. Plus, there are security issues to consider, including theft. A cashless transaction eliminates these ex tra steps and allows management to spend more time focusing on operating and im proving the business, as opposed to oversee ing clerical functions that cost time, effort and money. Another upside for businesses, according to a survey conducted by VISA in the U.S., switching from cash to digital transactions It' s inevitable we are headed toward a cashless society Dollars & P Sense can also increase revenue. From the cus tomer's perspec tive, carrying cash is often the least attractive Peter option. Many W atson customers pre Guest Contributor fer to use plastic cards or smart phones. In 2015, the Bank of Canada noted that Canadians were using cash for fewer than half of their transactions. Tap-and-pay methods are becoming in creasingly popular, especially among young er Canadians. During the second quarter of 2017, tap-and-pay transactions increased to almost 40 per cent, which is an increase from just more than 30 per cent a year ear lier. Digital wallets, made possible through smart phones, are also going to help cash be come obsolete. At the end of May, Google launched its Android Pay. Apple Pay has been available for more than a year. Even with all the new technology, there are still some people who would prefer to use cash. Parents often give their younger children a cash allowance. Some consumers prefer using cash for pri vacy reasons. Cash transactions don't leave a paper trail. Then there are those who feel cash trans actions keep their spending in check. Behav ioral economists have shown that consum ers tend to spend more when they don't have to physically hand over cash. Despite some of the drawbacks, the trend towards new forms of payment, as opposed to cash, is undeniable. A cashless society would also beneht the government. One of the principal concerns of govern ments is to collect taxes, which is critical to the hnancial side of running a country and providing for its citizens. Cash transactions are very difficult to monitor and as a result can make tax evasion and other money fraud easier to perpetrate. For example, the underground economy, which costs the government billions in un paid tax dollars, couldn't function without cash transactions. Any form of modern payment using tech nology is much easier for the government to monitor. It may not be an easy transition for some, but all signs point to the fact that we are most definitely headed towards a cashless society. -- submitted by Peter Watson, of Peter Wat son Investments. MBA, CFP®, R.FP, CIM, FCSI O v e r T h ir t y L iv e B a n d s m am m m ew tm hfnd 1 w E lim in a t in g F in a n c ia l B a r r ie r s t o E d u c a t io n HI A Fundraising Initiative of AFu . www.haltonlearningfoundation.ca Unexpected life events can take a toll on families Jacob is in elementary school. He is wheelchairbound and wears braces to correct spinal curvature. His needs are significant and his father is unable to work because of the extensive care needed for Jacob. His parents -- now living on one income -- have had to purchase special equipment, remodel their home, and pay for multiple visits to a variety of medical professionals and hospitals. A Back to School donation to the Halton Learning Foundation can ensure families like Jacob's -- struggling with extraordinary financial challenges -- have support to ensure their kids can continue to come to school and learn. S p e n c e r S m ith * P a rk , B u r lin g to n Not every student in Halton has the chance to go back to school shopping. For about 1 in 10 students in Burlington, Oakville, Milton and Halton Hills, school supplies, new clothing or the opportunity to go on a school field trip are luxuries they simply cannot afford. The Halton Learning Foundation provides emergency funds and subsidies to students of the Halton District School Board to keep kids in school and engaged in learning. To donate to kids like the one featured above, call 335-3665 x3408 or x3388, or donate online at wwwhaltonlearningfoundation. ca Some names andidentifyingdetailshavebeenchangedtoprotect theprivacyof individuals involved. F rid ay S atu rd ay S u n d ay 314 M o n d ay C an ad asL argestR ib fest.com 19 RIBBERS · OVER 30 MUSICAL ACTS · KIDS ZONE · CRAFTERS · FREE ADMISSION