Going penniless: how does this impact your business?
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Going penniless
Customer information tool
Going penniless
Employee information tool
Going penniless
Official government notice
Of further interest:
Effective February 4th, 2013, the Royal Canadian Mint will no longer supply pennies to financial institutions. On this page we’ve provided you with tools and tips to help your business make the transition to penniless cash transactions.
What does this mean for your business?
Pennies are still legal tender, so if a customer has pennies on hand, they can still pay as usual.
If a customer pays with cash and doesn't have exact change, round their purchase up or down to the nearest five-cents. For example, if the total costs $1.01 or $1.02, it will be rounded down to $1. If it costs $1.03 or $1.04, it will be rounded up to $1.05. (Check out the information tools we prepared for your customers and employees for more details).
Going penniless
Rounding is done only on totals - that is, after the calculation of all applicable sales taxes. As such, don't round prices on individual items. You also don't need to update your cash register.
There are no changes to cashless transactions using cheques, credit or debit cards.
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