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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:

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 | TM Law Group. He is experienced in all areas of the law serviced by KH | TM 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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