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