No More Pennies!

Effective today, the federal government’s plan to phase out the penny takes effect.  While debit and credit card transactions will continue to be calculated to the exact amount, cash transactions will be rounded to the nearest nickel.

The Royal Canadian Mint has published the following Rounding Guidline to assist in getting used to the new system:

SALE PRICE ROUND UP/DOWN PRICE TO BE PAID
$1.00 N/A $1.00
$1.01 Down $1.00
$1.02 Down $1.00
$1.03 Up $1.05
$1.04 Up $1.05
$1.05 N/A $1.05
$1.06 Down $1.05
$1.07 Down $1.05
$1.08 Up $1.10
$1.09 Up $1.10
$1.10 N/A $1.10

For more information, please see the Royal Canadian Mint‘s website.

KH/Dunkley Law Group