This makes cents

[Dion]

Canadian government closer to getting rid of the penny

The penny is one step closer to going the way of the dodo.


On Tuesday, the Senate Finance Committee recommended the one-cent coin be scrapped.


"Our report recommends production of the penny cease production as soon as possible and that it be withdrawn from circulation 12 months after that and that it cease to be legal tender 12 months after that," says Senator Richard Neufeld who sits on the committee

Other countries have scrapped their penny including Australia and New Zealand. New Zealand has also done away with its five-cent coin.

http://calgary.ctv.ca/servlet/an/loc...ub=CalgaryHome

[Yeah_Baby]

But then how would I have paid for my $ 4.82 item yesterday with exact change?

[Buzzard]

Clearly an early indication of the Conservatives plan to scap the GST.

[BlackArcher101]

Prices will change so as to leave the after tax total a rounded number. ie. $85.22 (93.68 with tax) will become $85.24 (93.70 with tax).

[getbak]

Originally Posted by Yeah_Baby

But then how would I have paid for my $ 4.82 item yesterday with exact change?

You would have paid $4.80. If it had come to $4.83, you would have paid $4.85.

That's how it works in Australia, but they also include their GST in the prices, so everything is rounded to 5 cents anyway.


If you paid with a debit or credit card, you'd be charged the exact change.

[Cecil Terwilliger]

Originally Posted by getbak

You would have paid $4.80. If it had come to $4.83, you would have paid $4.85.

That's how it works in Australia, but they also include their GST in the prices, so everything is rounded to 5 cents anyway.

I personally think that including (and deposit when applicable) GST should be mandatory in all pricing.

I should qualify that by saying all signage should include GST. For things like magazines and books that have the price right on the product that would be too difficult.

[SebC]

Originally Posted by Cecil Terwilliger

I personally think that including (and deposit when applicable) GST should be mandatory in all pricing.

I prefer this too, but some people will complain either way.

Don't include GST: what you see isn't what you pay.
Include GST: government is hiding taxes.

As for the penny: about time!

[Cecil Terwilliger]

Originally Posted by SebC

As for the penny: about time!

Damn, straight. I honestly have no idea why this wasn't done 10 years ago. Or longer.

What will be really fascinating is when it does begin to phase out, everyone will be in a mad scramble to get rid of the barrels of pennies they've been saving for decades.

Think of all the extra money that will be put into the economy!

What do you suppose the government will do with all the useless pennies? Melt them down?

[Sr. Mints]

I can't help but think someone is going to get sneaky rich off this.. like Richard Pryor's character from Superman 3.

Anyway, I'm for it.

[Madman]

Originally Posted by getbak

You would have paid $4.80. If it had come to $4.83, you would have paid $4.85.

That's how it works in Australia, but they also include their GST in the prices, so everything is rounded to 5 cents anyway.


If you paid with a debit or credit card, you'd be charged the exact change.

Ok, good. That is, if the merchants don't raise the price of everything before hand so that you pay the new rounded up price fro everything regardless of how you pay.

Why not just do away with all cash and go full plastic?

[getbak]

Originally Posted by Madman

Why not just do away with all cash and go full plastic?

Drug dealers, prostitutes, strippers and casinos. There are some places that are still cash-only businesses.


Speaking of plastic, another thing that Australia has had for years that we're going to be getting next year is plastic money.

[SebC]

Originally Posted by Madman

Ok, good. That is, if the merchants don't raise the price of everything before hand so that you pay the new rounded up price fro everything regardless of how you pay.

Rounding is on your total, not per item. So for groceries and stuff it's pretty tough for merchants to abuse it.

[Redliner]

Now what are we supposed to throw at hookers?

[Finny61]

Damn inflation! Now I have to say Loonie for your thoughts?

[Captain_Obvious]

Originally Posted by Finny61

Damn inflation! Now I have to say Loonie for your thoughts?

Why is it a penny for your thoughts but you have to put your two cents in?

Somebody's making a penny...

[Travis Munroe]

I would love to see it gone. Something about pennies that frustrate me.

[bizaro86]

Originally Posted by Realtor 1

I would love to see it gone. Something about pennies that frustrate me.

I agree. They cost the government (ie. all of us) a bunch of money to make coins that cost more than they're worth. Then people get them as change in grocery stores, and put them in a jar in their closet, since they're not valuable enough to make the effort to roll them and send them in.

[Hack&Lube]

Here in Hong Kong there's an RFID card you can just keep inside you wallet and you just put the whole thing down on a sensor many stores and services have from riding any public transport, eating at McDonalds, buying from IKEA, etc. all have it and it instantly pays.

I want this in Canada. One card that can pay for everything in an instant without needing to open a wallet, swipe a credit card, wait for a reciept, sign a reciept, etc.

[4X4]

Lol @ the comments...

What is this going to do at the pumps? Oil and gas companies now have chance to really mess with us now that they can only go up in "nickel" incerments. And what about utility bills? Think Enmax will round down? Can't wait to see the next round of bonuses...

or

Just another way of someone getting deeper into our pockets. Or how about using them to pay back our world debts, should be quick as someone is going to make millions on this.

And then there's:

Absolutely NOT.
The penny may not be worth much but it does prevent all prices being rounded up to even dollars and taxes and interest rates etc to higher percentage points. Keep the penny it is the only coin many people can afford to save and they do add up.
If people don't like their pennies I'll gladly accept them.
It is about time the government stopped worrying about such minor things and started taking care of the big things like eliminating the waste in our over complicated tax system and strenthening our legal system to protect victims instead of the criminals.

Jeez, some people are so afraid of progress. Eliminating the penny is a convenience that not only makes our ashtrays easier to find useful chage in, but saves the gov't and us taxpayers money.

And FFS, even if these cynics are right, and everything is now rounded up, how many individual items does a person buy in a day ? 20 maybe? So that's a whole dollar being stolen from your pocket? I mean, I don't like my money flying off into space either, but this is hardly something to go conspiracy theory over. Making them costs more than they're worth. That should be reason enough to scrap them, nevermind how bloody annoying they are.

[MarchHare]

If pennies are going to be removed from circulation and cease being legal tender, will the government melt them all down for the copper content? I wonder how much all that copper is worth.