A penny for your thoughts?
Posted Jan 20, 2013 8:02 am.
This article is more than 5 years old.
Canadian retailers can be forgiven for responding with a dirty look when asked, penny for your thoughts?
In just over two weeks, the Royal Canadian Mint will no longer distribute the one-cent piece.
Garth Whyte with the Canadian Restaurant and Food Services Association told the Calgary Herald there will be challenges with the change.
He said nevermind customers, most business owners haven’t given any thought on how to handle the transition.
The idea is retailers will round off transactions to the nearest nickel.
That won’t be the case with payments done by debit machines, credit cards or cheques, which means you might owe the Canada Revenue Service.
The Herald notes the Hi Jinx Toy Shop in Canmore has already gotten a head start on the change.
When a customer has a penny or two coming to them, they offer them the chance to throw the change into a jar for charity.
If the difference is three or four cents, the store gives customers a nickel.
