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

 

Written by Khalil Haji

Khalil is the principal lawyer of KH/Dunkley Law Group. He graduated as a gold medalist from the University of Calgary’s Haskayne School of Business, and then went on to obtain his Bachelor of Laws degree from the University of Western Ontario (graduating in 2007). After he graduated from the University of Western Ontario, he practiced law at national firms in both Calgary and Toronto. He opened his own firm - KH Law - in 2010, where he practiced until forming KH/Dunkley Law Group.