Say Goodbye To The Penny

Community Features

CdnMintRounding

Just a reminder that we are saying goodbye to the Penny on February 4th.  Businesses will start to round totals for cash only to the nearest $0.05.

  • Totals ending in $0.01 rounded down to $0.00
  • Totals ending in $0.02 rounded down to $0.00
  • Totals ending in $0.03 rounded up to $0.05
  • Totals ending in $0.04 rounded up to $0.05
  • Totals ending in $0.05 stays as is

Can I still use pennies for buying goods and services?

Yes. The penny will retain its value indefinitely. As such, consumers can use pennies for cash transactions with businesses that choose to accept them.

Will businesses round prices even if I have exact change?

Consumers can use pennies for cash transactions with businesses that choose to accept them.

Where can I bring my pennies for redemption?

Canadians may redeem their pennies at their financial institution. Financial institutions may require that pennies be properly rolled. Canadians may also consider donating them to charities.

Are financial institutions required to accept my pennies?

Canadians can continue to deposit pennies at their financial institution. Some financial institutions may require large amounts of pennies to be rolled or wrapped for deposit. Canadians should consult their financial institution in advance to determine how best to make deposits.

Will I need to roll all of my pennies?

The standard practice is that pennies, like other coins such as dimes or nickels, are rolled or wrapped for deposit. Financial institutions and charities have the discretion to decide whether pennies must be rolled or not. Canadians should consult their financial institution or charity of choice to determine whether unrolled pennies will be accepted.

How long will I have to turn in my pennies?

The penny will retain its value indefinitely. As such, there is no time limit for redeeming pennies.

This blog is part of our New to SmartCanucks series, click here to read more blog posts in the series


9 responses to “Say Goodbye To The Penny”

  1. Natalka says:

    I’m one of these who is sad to see its demise…
    However, I’m glad we have no fees for using our debit card!

  2. Eric says:

    My son always enjoyed finding pennies laying around when we went through a store – he has amassed quite a collection. What I won’t miss is the smell of the coins left on my hands as I roll them all up.

    I sense a number of mistakes for some businesses tallying up their tills at the end of shift for the first little while.

  3. adora says:

    Thank you very much for this post. It’s very informative. But you know how we often get USD pennies in circulation. I don’t suppose that would worth anything if you only have a CAD account in the bank? I’m dumping them off as soon as I can… 😛

    Don’t be sad, my fellow Canucks. It’ll make us more efficient! Time is ultimately our most limited resources. I’m looking forward to this. Besides, the Canadian Mint will save a lot of money. Money that can go build roads and other things that matter. The copper in pennies are so valuable now that they should be used for building electric wire and machines in hospital. Not sitting in jars across the country waiting to be dumped in CoinStar.

  4. Sue says:

    The Canadian government has cost business way too much money. The new loonies and twonies resulted in thousands upon thousands of dollars to convert machines to accept them (parking metres, candy machines, cash machines), as did the introduction of the polymer bills. Now monies need to be spent to upgrade accounting hard and software. Awesome. No thought has gone into this at all.

  5. mickpalace says:

    They will always round up at a store. I make sure of that if i ran a business. Believe me the consumer will never come out a head.

  6. Bluegrasser says:

    Scrap dealers have been ripping customers off with rounding down to the nearest 5 cents for at least 2 years that I am aware of! Eg. $12.14 will pay you $12.10. Now imagine how many people they do this to in a day….or how many times have they done this to you in the past 2 years?
    I hope someone will report them! Last I knew pennies were still legal tender and have been for the 2 years I have been frequenting the scrap dealers!

  7. i use penny’s to date my woodwork but putting a penny from the build year somewhere in all my pieces. might have to start using nickels instead…

  8. Mia001 says:

    with this ‘pay with cards = right amount / pay in money = the right amount’ it must be pretty confusing….maybe i have a lack of imagination but, i wouldn’t like to balance a cash register for a millon bucks……thumb up to the cashiers

  9. Tammy says:

    I think your on to something Mia001 we won’t have to round up if we use cards, if you buy at Timmie’s buy a gift card that way you don’t have to carry cast with you and you will have the amount you need and you don’t have to worry about stores not taking penny’s.

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