Canada is Saying Goodbye to the Penny!

До відома членів УКС

Згідно з рішенням Канадського уряду від 4-го лютого, 2013 вивести з обігу монету у вартості 1 цент "penny", Українська Кредитова Спілка Лимитед зупинить видавати монету "penny" з 19-го лютого 2013.

No penny for your thoughts

On February 4, 2013, the Royal Canadian Mint ceased distribution of the penny to financial institutions. In keeping with the government’s decision to phase out the coin, Ukrainian Credit Union Limited will no longer be issuing pennies as of February 19, 2013.

Pennies sit idle in jars and coffee cans on our dressers and in our closets.  They consume too much of our small business owners and retailers’ time, for too little in return.  And they cost too much for taxpayers – 1.6 cents per penny. With this, Canadian taxpayers will save $11 million each and every year as pennies are fully phased out.

Canada will move to a new ‘rounding’ system, so how does ‘rounding’ work?

Cash payments will need to adapt when pennies are not available.  As time passes, businesses will simply not have pennies and, at the same time, customers will run out of pennies to pay with.

To deal with this, the Government is encouraging all businesses to round cash transactions.  Moving to this ‘rounding’ system means that cash payments should be rounded symmetrically – a successful practice that has become normal in countries that have eliminated their pennies.  Symmetrical rounding means that final cash amounts (i.e. after tax) and the change owed:

• ending in 1, 2, 6 and 7 cents are rounded down to the nearest 5 cent increment;

• ending in 3, 4, 8, and 9 cents are rounded up to the nearest 5 cent increment;

• ending in 0 cent and 5 cents remain unchanged.

Remember that this rounding system will only effect cash transactions. Transaction made on debit cards, credit cards, payment cards and cheques will not be impacted at all and will continue to be settled to the exact cent.

For more information about phasing out the penny visit: 

fin.gc.ca/1cent/index-eng.asp or call toll-free 1-800-O-Canada (1-800-622-6232).