Sharing Daily Discoveries About Personal Finance And Business Topics

No More Pennies In Canada

There was a lot of news today here on how the penny is soon going to be no more as the Canadian mint will apparently be taking about a year to try and take them out of circulation which they will then proceed to melt all the penny. My first thought is how this is going to be very strange for people that normally pay in cash for sales that end in odd numbers. Apparently the instructions given to businesses is that they should simply round off the orders by five and it is up to their discrepancy whether to round it off higher or lower.

That makes me wonder how that would work in terms of accounting if you have a business that goes through thousand of transactions a day. Without having like a separate field to explain the gain/loss it will look as if say an employee is stealing money everyday. This will be kind of interesting too if people will now be ready to pay in say cash or credit depending on which one is cheaper. For example, if your order is $5.04 and the company tells you that if you pay cash you will only have to pay $5.00 would you be inclined to not use the credit card to save money there? Or likewise if it was $5.07 and they told you the cash price is going to be $5.10 would you use the credit card?

Looks like there are already talks in getting rid of the nickel here too eventually. Wonder if pretty soon we will all be only using things like debit and credit cards.

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