Monday, February 04, 2013
It costs 1.6 cents to make each penny so this will save Ottawa $11 million a year.
Eventually, all the pennies - Canada has produced 35 billion of them since 1908 - will be gathered up and melted down. The Mint stopped making new pennies last year.
The government is encouraging merchants to round off all cash transactions to the nearest nickel from now on. Any price that doesn’t end in a five or a zero will have to be rounded up or down. The Mint has released a set of guidelines for this. If a price is a few cents above a five or zero, you round down; otherwise you round up. So if something costs $1.01 or $1.02, the price becomes $1. If something costs $1.03 or $1.04, it becomes $1.05. But these are guidelines, not the law, and some stores may choose to simply round up for everything. It’s up to the store.
Non-cash transactions, such as on debit and credit cards, will still be calculated to the cent.
I rarely pay with cash or debit. I try to use my VISA (to collect the Aeroplan points) as much as I can.
Will you miss the penny?