• Canada to scrap pennies on Feb. 4, round to the nearest five-cent increment.
    59 replies, posted
[IMG]http://www.ctvnews.ca/polopoly_fs/1.214135!/httpImage/image._gen/derivatives/landscape_620/image.[/IMG] [I]The cost to redeem circulating pennies beginning Feb.4 will cost taxpayers about $7.3 million a year.[/I] Read more: [url]http://www.ctvnews.ca/canada/in-last-days-of-penny-businesses-get-ready-for-change-1.1082660#ixzz2GqW0bXyH[/url] [QUOTE]Businesses across Canada are ready for change. They just won’t be taking pennies. With the one-cent coin scheduled to go out of circulation on Feb. 4, 2013, all businesses from retailers to restaurants are preparing for when they’ll have to start rounding their cash transactions. The federal government in its March budget announced it was doing away with the penny, saying the little coin was not worth the cost of making it. At 1.6 cents for every coin minted, it was dubbed the “currency without currency.” The Royal Canadian Mint stopped making the coins in May and had planned to begin taking the penny out of circulation in the fall. But business owners protested, saying they wouldn't be ready for the transition. “We're an industry where there are 18 million transactions a day in restaurants, so this will have a big impact,” said Joyce Reynolds, executive vice president, government affairs of the Canadian Restaurant and Foodservice Association, which was one of the groups that consulted with the government. The timing had also been poor, according to David Wilkes, senior vice president of the Retail Council of Canada, which represents more than 45,000 storefronts nationwide. "It’s the busiest shopping time of the year, with the holidays and Christmas, and to get organized for the rounding rules that are coming into place, the training of the seasonal staff and what-not, we just thought there wasn’t enough time to properly inform consumers about the changes and implement the rounding rules at the store level," he said. Now with the deadline around the corner, retailers, restaurants and small businesses are making sure their workers, as well as customers, are ready. "Some of the things that are being addressed is working with the point-of-sale equipment to implement the rounding, clarifying with government agencies about how the rules would apply from a tax auditing point of view. Also making sure the store staff are aware of the rounding rules and the policies the individual stores will be using come February," Wilkes said. Wilkes expects that most businesses will adopt the Finance Department’s guidelines on rounding. Under those guidelines, cash transactions should be rounded to the nearest five-cent increment “in a fair and transparent manner.” For example, consumers paying cash for an item costing $1.01 or $1.02 -- tax included -- will pay only $1.00. An item costing $1.03 or $1.04 will be rounded up to $1.05. Electronic transactions, including debit and credit card purchases, will not be affected. As the elimination would only apply to total bills as opposed to individual items, the change is not expected to lead to inflation. Furthermore, the penny will retain its value “indefinitely” and can continue to be used in payments, the Finance Department said. What matters for businesses is that consumers are aware of the change. “What we've been doing is working very hard to ensure that the government implement a robust consumer campaign,” Reynolds said. “We want consumers to be aware of this well before that February 4 date.” Reynolds said the CRFA has been directing its members to download the information from the government website and have it available at cash registers. As for whether businesses will be accepting pennies, it’s up to each individual organization, although most will probably stop giving out pennies on Feb. 4, Reynolds added. By scrapping the penny, the feds hope to save taxpayers about $11 million per year. According to Finance Minister Jim Flaherty, similar initiatives have been implemented in countries like Australia, Brazil, Israel, New Zealand and South Africa "very successfully. The businesses were co-operative and there were no issues."[/QUOTE] [URL="http://www.ctvnews.ca/canada/in-last-days-of-penny-businesses-get-ready-for-change-1.1082660#ixzz2GqV2mVVE"]source[/URL]
every country should do this and just sell penny sweets in 5's
Fuck I thought they were already scrapped. Since moving to Toronto I have accumulated so many god damn pennies it's the worst experience
Cool my wallet wont weight 50 pound anymore.
Obligatory. [video=youtube;y5UT04p5f7U]http://www.youtube.com/watch?v=y5UT04p5f7U[/video]
[QUOTE=Lethaxx;39068570]every country should do this and just sell penny sweets in 5's[/QUOTE] There's places you can still get candy for a penny? [editline]2nd January 2013[/editline] [QUOTE=alx12345;39068578]Cool my wallet wont weight 50 pound anymore.[/QUOTE] Coins are for pockets, bills are for wallets. You're doing it wrong.
Bring 3 pennies into the bank, get a nickel Fuck logic
I want this to happen in the USA so damn badly! I wish we caught ourselves and did away with it once we found out it was costing more to make it than it was worth! You can't buy shit with a penny, so why do we have it? Abe Lincoln? We already have a nice big monument of him, so why would anyone feel bad about getting rid of the penny?
But Abraham Lincoln invented pennies to save freedom :(
Eh, there's better ways to do this. This just means you'll have to pay slightly more (1-4 cents) for everything.
[QUOTE=Mr. Someguy;39068629]Eh, there's better ways to do this. This just means you'll have to pay slightly more (1-4 cents) for everything.[/QUOTE] An equal amount of things will round down as up, and purchases with debit or credit cards stay the same. Canada's officially been without the penny for a while now, most stores where I live no longer accept them.
[QUOTE=Zeke129;39068703]An equal amount of things will round down as up, and purchases with debit or credit cards stay the same. Canada's officially been without the penny for a while now, most stores where I live no longer accept them.[/QUOTE] I get pennies all the time, definitely not officially dead here.
[QUOTE=tyanet;39068583]Obligatory. [video=youtube;y5UT04p5f7U]http://www.youtube.com/watch?v=y5UT04p5f7U[/video][/QUOTE] Also relevant [media]http://www.youtube.com/watch?v=nU4E6SSy5Yg[/media]
[media]http://www.youtube.com/watch?v=1gMEO9Y9zno[/media]
[QUOTE=killa101;39068597]Bring 3 pennies into the bank, get a nickel Fuck logic[/QUOTE]Buy 20 pennies at 10 cents each, go to the bank and give 3 pennies in exchange for a nickel. Repeat the process until billionaire status is reached.
Hopefully I would live to see the day when cents are nonexistent.
[video=youtube;FffTJk-gFKc]http://www.youtube.com/watch?v=FffTJk-gFKc[/video]
[QUOTE=Daniel Smith;39068841]Hopefully I would live to see the day when cents are nonexistent.[/QUOTE] I'd rather not see massive inflation, thanks.
My thoughts? The US should collect ALL the pennies that are in circulation right now through the banks, melt down and refine all the copper, and then keep it in reserves, selling it slowly and using it to pay off the debt! Copper is in HUGE demand right now, we have shit-tons of it just SITTING all over the place, it could work!
Didn't realize the date was this close. I haven't been told shit about this. EDIT: And of course I work the forth, I can already see myself explaining to numerous customers why I've seemingly short-changed them.
[QUOTE=Kinversulath;39069150]Didn't realize the date was this close. I haven't been told shit about this. EDIT: And of course I work the forth, I can already see myself explaining to numerous customers why I've seemingly short-changed them.[/QUOTE] First thing I thought of was all the cashiers getting bitched at.
Are there any materials that cost less to make? If everyone is rounding everything to the next 5 cents, the nickel might as well be worth 1 cent.
Hopefully the U.S will follow.
[QUOTE=Foxtrot200;39069829]Are there any materials that cost less to make? If everyone is rounding everything to the next 5 cents, the nickel might as well be worth 1 cent.[/QUOTE] I agree, but with that in mind in order to not fuck everything up the dollar would also have to be worth 50 cents.
[QUOTE=Teddybeer;39069141]Welcome to the world where everything ends in .99 .[/QUOTE] It will just be .95 now.
[QUOTE=Emperor Scorpious II;39068588]Coins are for pockets, bills are for wallets. You're doing it wrong.[/QUOTE] My wallet has a little pouch to store change.
[QUOTE=TamTamJam;39069859]It will just be .95 now.[/QUOTE] That's not how rounding works.
I have so many pennies, like a few jars full. I also seen some of my friends with those water containers filled with just pennies. I usually just throw mine on my air hockey table after the day is done haha.
Funny enough, last night I rolled 57 dollars in pennies, and I have about 50 pounds of still unrolled pennies (Actually 53 pounds) I'm not sure whether to cash em in at a bank, or sell them as scrap metal, because if I'm right; copper in Canada is worth 3$, and a dollar in rolled pennies is probably just over a pound so I'd be turning a hefty profit :v:
[QUOTE=Kaabii;39070349]That's not how rounding works.[/QUOTE] They set prices to .99 so the item looks cheaper than it actually is (2.99 seems a lot cheaper than 3)
Sorry, you need to Log In to post a reply to this thread.