What changes will happen with no pennies?
By saundyl
@saundyl (9783)
Canada
January 12, 2013 4:39pm CST
I have heard over the last year in Canada that the penny is no longer being minted...They are also phasing out the use of the penny in Cash transactions. AS of Feb 4, 2012 businesses will be encouraged to round to the nearest 5 cents. If its debit cheque etc the penny still counts?
So Is it now a nickel for my thoughts?
What consequences will canada see with no pennies?
I can see less pockets full of pennies. I can see some people purposely paying cash if a transaction rounds down. I can see taxes being more complicated to do. How do businesses account for the rounded down pennies or rounded up pennies. Do they hope they balance out?
2 people like this
5 responses
@LaDeBoheme (2004)
• United States
13 Jan 13
I live in the States, but when I worked as a bartender, I/we never dealt with pennies. We had them in the cash drawer, but never used them, never counted them, they just sat there. We always rounded out everything. It was just easier, especially when you're busy and dealing with a lot of cash transactions all at once. Same thing when you cash & carry. Since you have to calculate in your head, it is easier not to deal with pennies. It always evened out. No big shortages or overages.
When filing taxes in the USA, the IRS and state always tell you to round out the figures to the nearest dollar. They don't want to deal with change at all!
@911Ricki (13588)
• Canada
13 Jan 13
I hear this a number of years ago, and still has not been taken away. I actually ahve loads of pennies. I save them in a jar, then go to the machine drop them in to get bills. I can see where it will be more complicated, many dont like when the cost of things round up either.
2 people like this
@danishcanadian (28953)
• Canada
29 Jan 13
I live in Canada, and while they've been talking about this, they have not implemented it yet, I'm in no hurry. Personally for there to be a collar, and CENTS, there has to be a ONE CENT unit. I think that of the penny disappears the nickel will be treated like the penny, and everything will go up in price x5. Also, those who had prices with pennies in them ($29.97) will all raise their prices to the nearest dollar.
1 person likes this
@mariaperalta (19073)
• Mexico
12 Jan 13
Mexico did that a few years ao with our 10 centavos. We now round the price off. So it makes business a few extra cents im sure.
@antverdovsky (138)
• United States
12 Jan 13
It seems to me like it's some way for the businesses to make more money. Like if you buy something for 1.53 then you would need to pay 1.55 instead of 1.53. Sure, it's only 2 cents more but imagine if 100 people buy it. If it's something that is extremely popular and costs the same amount everywhere then it could be bought by a million people. That's twenty thousand dollars if they add those 2 cents.
2 people like this
