Business

Cashiers and consumers deal with penny phase-out

The penny is on its way out today and consumers and cashiers will have to do some math to figure out whether to round up or down. - DIANE STRANDBERG/THE TRI-CITY NEWS
The penny is on its way out today and consumers and cashiers will have to do some math to figure out whether to round up or down.
— image credit: DIANE STRANDBERG/THE TRI-CITY NEWS

With the phase-out of the penny beginning Monday, Canadian cashiers and consumers will have to do some old-school arithmetic to calculate the bill.

The federal government proposes retailers round up or down to the nearest nickel when handling cash transactions and the Retail Council of Canada said most of retailers are prepared to make the adjustment based on the needs of their customers.

While some will follow the federal guidelines to round up or down, others will continue to make exact change until the supply of pennies runs out.

Home Depot sent out a press release last week noting that many consumers aren't aware of the change and pledged to round down on sales and round-up on returns.

Meanwhile, non-cash payments such as debit or credit cards will continue to be settled to the cent.

DONATE THOSE COINS

Here are some places you can donate pennies to help others.

• Canadian Tire will accept pennies for its Jumpstart charity that helps underprivileged children participate in organized sort and recreation. For more information or to lend your support visit www.jumpstart.canadiantire.ca

• The Tim Horton Children's Foundation collects pennies in its collection boxes to provide camp experiences for deserving children. For more information, visit www.timhortons.com.

 

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