Quick tips to become penny-wise
(NC)—If you still have questions about the one-cent coin exiting circulation, here is some clarification:
Why is the penny being phased out?
The penny is now worth only about one-twentieth of its original value back in 1908. In fact, each penny now costs more than 1.6 cents to make. Once it's phased it out, the federal government estimates ongoing savings for taxpayers will be $11 million a year.
May I still use pennies when shopping?
Yes. You can use it for cash transactions with businesses that choose to accept them. Businesses have guidelines in place to return their pennies to the Mint.
Will they be rounding all their prices?
No. Rounding only affects the change due to you with cash transactions if pennies are not available. If using cash for the item or service, the total may be rounded either up or down to the nearest five-cent increment. If using a credit card, debit card, or cheque for goods and services, the exact values remain and the exact value is charged. Business owners will be assisted with a federal government guideline to ensure rounding is done in a fair and transparent manner.
Additional information is available online at actionplan.gc.ca/penny.
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