Publisher's Note

  • Publisher’s Note

    Hello dear readers, Time flies so fast when life is so busy.  24 hours in a day is not enough for most people with all the things that they have to deal with in a day.  But we should never forget that we should get at least 8 hours of sleep at night in order to [...]

    Read full post »


Visitors to Pinoytimes






Page added on February 28, 2013

Email this to a friendEmail This Post Email This Post                      Printable versionPrint This Post Print This Post

MP Shory: Goodbye to the Canadian Penny

MP Shory: Goodbye to the Canadian Penny thumbnail

Calgary, AB – On February 4th, 2013 the Canadian Mint stopped distributing the penny. “Producing pennies was costing the taxpayer $11 million per year — money that could be better spent on services that are important to Canadians,” said MP Devinder Shory.

It costs 1.6 cents to produce each penny, which is more than what a penny is valued at. In addition pennies imposed needless costs on small business owners, who had to spend more time it was worth to handle them.

“Phasing out the penny is good for Canadian small business owners, and good for Canadian taxpayers. It fulfills a commitment our Conservative Government made in the Economic Action Plan 2012. Many other countries, including Australia and New Zealand have successfully eliminated the penny.”

Businesses are being encouraged to round the total final cost (after the tax is calculated) of cash transactions in response to the phase-out of the penny. The rounding will work as follows:

  • A total price ending in 1, 2, 6 and 7 cents are rounded down to the nearest 5 cent increment;
  • A total price ending in 3, 4, 8, and 9 cents are rounded up to the nearest 5 cent increment;
  • A total price ending in 0 cent and 5 cents remain unchanged.

Transactions done by debit, credit or cheque will not be affected by the change and will continue to be paid to the exact penny.

“I encourage all Canadians who don’t want to deal with the hassle of trading in their pennies to donate them to one of the many excellent charities that are collecting them.”









RELATED STORIES

  • No Related Post


LATEST HEADLINES

COMMUNITY NEWS

Calgary Stampede 2018 Poster thumbnail Calgary Stampede 2018 Poster
Alberta celebrates first Philippine Heritage Month thumbnail Alberta celebrates first Philippine Heritage Month
UPAAA Welcomes New Philippine Consul General thumbnail UPAAA Welcomes New Philippine Consul General
FCSC Spring Birthday Bash thumbnail FCSC Spring Birthday Bash

PINOY STORIES

Appeals Court sustains installation of GPS by buses thumbnail Appeals Court sustains installation of GPS by buses

HAVE YOUR SAY

HAVE YOUR SAY Lorem ipsum dolor sit amet, consectetur adipiscing elit, dolor sit ipsum.

PROMOTIONAL BLOCK

PROMOTIONAL BLOCK Lorem ipsum dolor sit amet, consectetur adipiscing elit, dolor sit ipsum.

TRAVEL NEWS



PINOY TOONS


Tags