Canada is phasing out the penny

[Paraveina]

I saw the Glory docked in our harbour yesterday and realized people may not know that Canada is phasing out pennies.

 

If you purchase something with a debit or credit card, everything is exactly the same. If you purchase with cash, it will be rounded to the nearest nickel.

 

ie

.x1 and .x2 are rounded down to .x0, .x3 and .x4 are rounded up to .x5

.x6 and .x7 are rounded down to .x5, .x8 and .x9 are rounded up to .y0

 

As far as I know, you can still use pennies to pay - you just won't get any pennies in your change.

 

Most larger retailers have signs up explaining the change.

[KirkNC]

I wish they would do the same in the US!

[maryann ns]

Some places will no longer take pennies. WalMart still deals in them.

 

However there has been very little fuss.

[Langley Cruisers]

As far as I know, you can still use pennies to pay - you just won't get any pennies in your change.

 

Yes, pennies are still considered legal tender and you can use them to pay. Just know that, as you stated, this is only the case for cash transactions. If you came to Canada and paid only with cash, you would find that you probably would "even out" on your transactions. For instance, some days I will go out shopping, buy a coffee and be rounded up, and then go and buy a few groceries and be rounded down. It's just "the way it is". ;)

 

I work part time and some of the customers are very upset about this; we have to explain that it not "our" decision. Sadly, some folks are very combative on this issue.

 

For Canadians, you can roll your pennies and banks will take them; as stated, they are absolutely legal tender, they are just phasing them out and not minting any more of them.

 

.

[rkacruiser]

Thank you for reminding us of this. I do have a few pennies and must remember to use them when I visit Canada this Summer.

[ellieanne]

Yes, pennies are still considered legal tender and you can use them to pay. Just know that, as you stated, this is only the case for cash transactions. If you came to Canada and paid only with cash, you would find that you probably would "even out" on your transactions. For instance, some days I will go out shopping, buy a coffee and be rounded up, and then go and buy a few groceries and be rounded down. It's just "the way it is". ;)

 

Are the prices rounded for credit/debit card transactions? I know here in Australia, they are only rounded for cash transactions. Credit/Debit/EFTPOS transactions are still calculated in pennies. And only the final total is rounded, not individual prices.

 

I'm headed to Canada this fall and am not really concerned, but I do wonder if they are still calculating pennies in non-cash transactions.

[Langley Cruisers]

Are the prices rounded for credit/debit card transactions?

 

You quoted me and I had actually already mentioned that in my post :o, and so did OP in the very first post. It is only for cash transactions. Credit and debit card transactions are not rounded up or down.

[PennyAgain]

I'm saving a stash of Canadian pennies just because I like pennies. It's the name thing for me.

 

Wise to retire them, but mime will be appreciated.

[cruising cockroach]

I'm saving a stash of Canadian pennies just because I like pennies. It's the name thing for me.

 

Wise to retire them, but mime will be appreciated.

 

If you want to stash pennies, keep the pre-(2nd) millennium ones. Worth more in Cu value than face.