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Tools to cope with the penny’s demise


February 7, 2013
By Canadian Garden Centre & Nursery

Feb. 7, 2013, Toronto — The Canadian Federation of Independent Business (CFIB) has developed a series of online tools to help small businesses adjust to the end of the penny.

On Feb. 4, the Royal Canadian Mint stopped distributing one-cent coins to financial institutions and will gradually start pulling pennies out of circulation.

“While most small merchants and consumers may be aware of the plan to phase out the penny, they may not be clear on the specifics,” said Dan Kelly, CFIB president and CEO. “As we want to ensure the transition goes smoothly, CFIB has put together a set of online tools merchants can use to inform employees and customers.”

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The Government of Canada is encouraging businesses to start rounding after tax cash purchases up or down to the nearest nickel. Since rounding will only occur during transactions involving cash, payments made through cheques, debit or credit cards will not be affected.

“Many business owners like the idea of phasing out the penny,” added Kelly. “Since after tax totals will be rounded up and down, it’s important that consumers are properly informed.”

To learn more or to download CFIB’s penny-related educational tools, visit www.cfib.ca/penny.


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