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  #1  
Old 03-30-2012, 09:48 PM
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LauraLeigh LauraLeigh is offline
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Default Lighter Budget news! It'll now be a "Nickel" for your thoughts! No more pennies!!!

Canada is pulling the penny from circulation!

It now costs 1.5 cents to make a penny.... Soooo bye bye penny!

I guess it's a dilemma for the US as well as pennies cost near two cents there to make...

Thoughts?

http://m.yahoo.com/w/news_america/bl...us&.lang=en-us

I wonder at the impact on small business's software but other than the nostalgic aspect can't see it having a huge impact...

One of my regular customers from Norway said it really does not impact much there....
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Old 03-30-2012, 10:16 PM
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This has been a problem for a few years I think! I don't see how you can have no pennies. XD does everything just round up to the nearest 5 cent...
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Old 03-30-2012, 10:16 PM
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Well somethings gotta give LOL. If they do the $5 coin an keep the penny people are going to be lopsided unless they divy up their change evenly in each pocket
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Old 03-30-2012, 10:19 PM
JessLough JessLough is offline
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I love the idea. I hate pennies, majorly.

From what I understand, the cost will just go up after the taxes are applied to the nearest 5 cents... but if you are paying interac, it will still use the penny amounts.
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  #5  
Old 03-30-2012, 10:22 PM
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Quote:
Originally Posted by Beanie View Post
This has been a problem for a few years I think! I don't see how you can have no pennies. XD does everything just round up to the nearest 5 cent...
That's what they describe in the article and what my customer said... Seems weird eh? I guess sometimes we'll pay pennies more and sometimes less.. Though the cynic in me figures it will be more most times... Though I don't think it will have a huge effect on the bottom line, it's weird.. It seems so odd to think of no pennies...

Nickel pincher just does not have the same ring to it!
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Old 03-30-2012, 10:23 PM
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I feel bad for the penny..

and for Pluto.
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Old 03-30-2012, 10:24 PM
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Quote:
Originally Posted by JessLough View Post
I love the idea. I hate pennies, majorly.

From what I understand, the cost will just go up after the taxes are applied to the nearest 5 cents... but if you are paying interac, it will still use the penny amounts.
Ohhhh it is up? Missed or skimmed that part! And I missed that about debit....

I just realized its late for me, starting to show... Should get to bed! LOL


Quote:
Originally Posted by Fran101 View Post
I feel bad for the penny..

and for Pluto.
I AM getting tired..... I was like Pluto? What's the DOG from Mickey have to do with pennies

Then it sunk in, ohhh she means the non planet!!!
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Old 03-30-2012, 10:26 PM
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i would rather keep pennies and get rid of nickels.... i despise nickels lol
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Old 03-30-2012, 10:29 PM
JessLough JessLough is offline
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Quote:
Originally Posted by LauraLeigh View Post
Ohhhh it is up? Missed or skimmed that part! And I missed that about debit....

I just realized its late for me, starting to show... Should get to bed! LOL




I AM getting tired..... I was like Pluto? What's the DOG from Mickey have to do with pennies

Then it sunk in, ohhh she means the non planet!!!
Lol sorry, I think it's up or down depending on the total, but like, the items are not individually changed.

I didn't actually read the article, it's just the info my mom was telling me (she works for the local paper)
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  #10  
Old 03-30-2012, 10:42 PM
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They're currently saying that rounding up/down to the nearest five cent increment will be up to the individual retailer. Most will likely opt to round to the closest as opposed to just up.

Debit and credit transactions are still to the penny.

Many countries have long ago eliminated one cent denominations. It saves our government something like 130 million a year. I wish they'd give those savings to CBC instead of axing their budget. Grrrr.
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