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No More Pennies!

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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:

$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 is experienced in all areas of the law serviced by KH | Dunkley Law Group, with extensive experience in residential and commercial real estate transactions, commercial financing transactions, development and condominium law, mobile home transactions, leasing, purchases and sales of businesses, contract drafting, and wills and estate administration.
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