Penny’s demise pinches retailers

The clock is ticking down for the Canadian penny, leaving retailers only a few more weeks before they are urged to adopt the federal government’s new “rounding guidelines.”

Effective Feb. 4, the Royal Canadian Mint will no longer distribute the one-cent piece. While phasing out of the penny will have no affect on payments made by cheque, credit or debit card, Ottawa is asking business owners to begin rounding cash transactions to the nearest five-cent increment on this date.

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