12 things you need to know!
Finance Minister Jim Flaherty announced the surprise demise of the one-cent coin in his budget last March, saying the penny had become a nuisance. The
government planned to stop distribution of the coin in the fall, but the date was later moved to Feb. 4 after retailers and small businesses said they
feared making the change during the busy holiday season. Flaherty also said he wanted to give charities more time to launch so-called “penny
Other countries who have turfed the penny?
Other countries have already withdrawn their one-cent coins, including Switzerland, the Netherlands, Norway and Australia. New Zealand successfully
eliminated its five-cent piece in 2006, after dumping its one- and two-cent coins.
Goodbye, U.S. penny?
In the U.S., a penny costs more than two cents and a nickel costs more than 11 cents to make and distribute – it’s little wonder that Americans
are looking to see what happens in Canada come Feb. 4.
Debit card + Cheques?
Electronic transactions, such as those on debit cards or credit cards, will still be registered in cents, as will cheque payments.
Cash register purchases, post-penny?
Starting Feb. 4, prices at cash registers will be rounded up or down to the nearest five-cent increment. However, there are no government-imposed
rules or policing.
Are pennies still legal tender?
The penny will remain legal tender indefinitely and can still be used in cash transactions with businesses that choose to accept them. However, some
businesses may decline to accept pennies after Feb. 4 as there is no federal requirement that they do so.
edit on 28-1-2013 by
CALGARIAN because: (no reason given)