Buh-bye Penny!!

http://www.theprovince.com/news/Canada+penny+heads+into+retirement/7912245/story.html

Distribution of the Canadian penny ends Monday, but with about six billion of them in circulation it’s not clear how long the little coins will stay in use.

The penny is being retired because it actually costs 1.6 cents to produce and the federal government believes it can save $11 million a year by getting rid of the coins.

While the last penny was actually produced by the Royal Canadian Mint on May 4 and they’re not going to be distributed any more, Mint spokeswoman Christine Aquino said pennies remain legal tender and can still be used for purchases or exchanged at financial institutions.

But she couldn’t say how long it will take for the Mint to reclaim those billions of pennies.

“We have never done this in Canada,” said Aquino. “We estimate three to four years [to get pennies out of circulation].”

Without using pennies, merchants are expect to round the final cash purchase price up or down.

For example, something costing $1.01 or $1.02 will go down to $1 while a bill of $1.03 or $1.04 would go up to $1.05.

The most important thing for consumer to remember, said Aquino, is that “this is for cash transactions only.”

If you’re paying by credit or debit card, the price stays the same.

Kn.

http://www.theprovince.com/news/Canada+penny+heads+into+retirement/7912245/story.html

Kn.

It almost sounds like we should just go to a 5,10, or 15% system of taxing. And stop making shit 9.99. Its fucking $10 you shit puppets. Actually more when you add the 12% HST that we just cant get rid of, even though we never had it in the cards during the last election but after we won, figured "Hey, why not? These people are so fucking stupid they elected us for a 3rd straight time now. They'll believe anything."

This is okay.

What BC really needs is to include final sale price in posted prices. Adding HST after the fact is ridiculous. The amount of tax needs to be clearly stated on a receipt, but no reason why final sale price shouldn't be the posted price on shelves.

This is okay.

What BC really needs is to include final sale price in posted prices. Adding HST after the fact is ridiculous. The amount of tax needs to be clearly stated on a receipt, but no reason why final sale price shouldn't be the posted price on shelves.

I agree so much

Just put the taxes on the sticker price ffs why is that such a hard concept to implement

Just put the taxes on the sticker price ffs why is that such a hard concept to implement

Catch up adam you are two post's behind:lol:

This is okay.

What BC really needs is to include final sale price in posted prices. Adding HST after the fact is ridiculous. The amount of tax needs to be clearly stated on a receipt, but no reason why final sale price shouldn't be the posted price on shelves.

This would make life a lot simpler.

And how much money will it cost shop owners to compleatly re evaluate every price on every thing sold every where. This will cost taxpayers millions of dollars. How do you work out who gets the change when it works out to 3 cents?
The banks will make a killing off of this scam.
If you work the numbers you can make a huge profit from this.
The average idiot.That would be 99% of canadians. Will get scammed by this.

3 and 4, they round up.
1 and 2, they round down.

I don't think it's a huge deal. They should get rid of the nickel too.

And how much money will it cost shop owners to compleatly re evaluate every price on every thing sold every where. This will cost taxpayers millions of dollars. How do you work out who gets the change when it works out to 3 cents?
The banks will make a killing off of this scam.
If you work the numbers you can make a huge profit from this.
The average idiot.That would be 99% of canadians. Will get scammed by this.

They've been doing it in Australia and New Zealand for decades (NZ doesn't even have 5c, they round to the nearest 10c - oh the horror). The world did not fall apart there. No one got scammed. Taxpayers saved money on production and distribution, and shopkeepers saved money on handling. If you are a hardened criminal scam artist bent on rigging the system, you could deliberately put $80.02 in your gas tank and only pay $80 (or $80.04 in NZ if you want to make the big bucks). Except you have to prepay for gas in Canada because apparently you can't be trusted.

It's rounded on the total bill, not each item. You can't 'work' the system and make millions. When your grocery shopping comes to $158.38, you lose 2 pennies. Well, only if you're paying with drug money instead of your card.

Seriously dude, how many transactions do you make in cash? And how many pennies have you either thrown away, put in the change dish or seen on the ground yet failed to pick up? I boycotted the penny years ago and just refuse them or leave them behind. I will probably refuse anything less than a quarter soon enough. You could buy more with a penny in 1980 than you can buy with a nickel now. Why would anyone give a shit about a penny? You can't even buy anything with 20 of them.

They should get rid of the nickel too.

Good call. And the dime if you ask me.

I think the lowest denomination should be an amount of money that greater than 50% of employed adults not addicted to meth would bend over and pick up off the street.

Personally, depending on how dirty the street was and what kind of mood I was in I might pick up a quarter, almost certainly would pick up a dollar, but would only pick up a dime if I just dropped it myself because it would feel a bit like littering if I left it there.

Except you have to prepay for gas in Canada because apparently you can't be trusted.

That's just a BC thing.

Silly me I had mistaken this for the Economist. So far the 99% have spoken.

check out Google.ca today. homage to the fallen penny