Monday, January 28, 2013

Phasing out the Penny

Did you know Canada..  the time is near, the penny is almost outta here.

February 4, 2013 is the transition date that has been set, after which the Royal Canadian Mint will no longer distribute pennies.

Remember, for cash transactions we now round to the nearest nickel up or down. ONLY cash transactions require rounding.  Cheques, debit, credit and payments cards do not need to be rounded, because they can be settled electronically to the exact amount.

So if you spend $11.58 on lunch and are paying cash, you pay $11.60, if you are paying debt, etc.. you pay exactly $11.58.

Do you think there will be much confusion in retail stores, restaurants, etc.. ?

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