Canadian Treasurer
 
 

February 3 , 2013

CFIB offers help for small firms adjusting to end of penny

TORONTO - The Canadian Federation of Independent Business (CFIB) is assisting small businesses to get ready for penniless cash transactions. On February 4, the Royal Canadian Mint stopped distributing one-cent coins to financial institutions and started gradually pulling pennies out of circulation.

"While most small merchants and consumers may be aware of the plan to phase out the penny, they may not be clear on the specifics," said Dan Kelly, CFIB president and CEO.  "As we want to ensure the transition goes smoothly, CFIB has put together a set of on-line tools merchants can use to inform employees and customers."

The Government of Canada is encouraging businesses to start rounding after-tax cash purchases up or down to the nearest nickel. Since rounding will only occur during transactions involving cash, payments made through cheques, debit or credit cards will not be affected.

"Many business owners like the idea of phasing out the penny," added Kelly. "Since after-tax totals will be rounded both up and down, it's important that consumers are properly informed."

 

 


 

 

 

Home | Magazine | Market | Company | eNewsletter | News |Advertising | Subscriptions
Privacy | Contact Us | Site Map

All material © Lloydmedia, Inc.
302-137 Main Street North
Markham, ON L3P 1Y2
905-201-6600 / 1-800-668-1838