No More Penny

The Royal Canadian Mint recently announced that as of February 4, 2013 the penny will no longer be in circulation. What does this mean to you? Even though the penny will continue to be accepted as long as Canadians hold on to them, and for accounting purposes (like your OCCU account statements), it will have an effect when making cash transactions.

With no penny, businesses will utilize a round down / round up policy to the nearest 5 cent increment for cash transactions. However, this does not affect Credit Card, Debit Card or Cheque transactions, as the one cent increments will continue to be utilized.  This is only for cash transactions.

Cash Policy

Round Down $1.01 or $1.02 = $1.00$1.06 or $1.07 = $1.05
Round Up $1.03 or $1.04 = $1.05$1.08 or $1.09 = $1.10

Cash Transaction Example in Ontario (after February 4, 2013)