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Comment: Re:Bad move. (Score 1) 362

by kinadian (#42466367) Attached to: Canada To Stop Producing Pennies In 2013

I honestly don't think it's that big of a deal. Remember, you've got a minimum of 5% tax on most items as well. Here in Ontario, it's 13%. Depending on the pricing, that could affect the rounding, especially when you have multiple items. And it's a maximum difference of $0.02 on the entire transaction.

In addition, it's only for cash transactions. Most of the people I know (myself included) use some form of digital transactions (debit/credit) to pay for things. There are very few locations in Canada that only accept cash.

Comment: Re:Actually we stopped making them in 2012 (Score 5, Informative) 362

by kinadian (#42466105) Attached to: Canada To Stop Producing Pennies In 2013

Actually, it's not unclear. Right in the Mint's website (linked to in the article): "Moreover, pennies can still be used in cash transactions indefinitely with businesses that choose to accept them."

The penny will remain legal tender for as the foreseeable future. As you stated, the only thing happening now is that the mint will no longer be distributing pennies after February 4th, 2013.

It's not mentioned on the website, but I have also heard that if you bring your pennies to the bank on or after Feb 4, they will be collected and returned to the mint where they will be destroyed.

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