Penny stops Monday, businesses round to nearest nickel
Beginning next week, the Royal Canadian Mint will cease the distribution of pennies, which means businesses will no longer receive rolls of copper coins from the bank.
The move will affect how much change you receive by a few cents.
If it's a cash transaction and the total is $1.01 or $1.02, the retailer will round down. But if it's $1.03 or $1.04, it will be rounded up it to the nearest nickel.
Electronic transactions will not be affected by the disappearance of the penny.
Some businesses, including Tim Hortons, have posted signs informing customers of the change.
Banks have also been handing out brochures to business clients informing them that pennies will no longer accompany cash withdrawals.
The Windsor Family Credit Union is also keeping its customers informed of the change.
"They still will be able to bring to us their rolled pennies for deposit," said Susan Stockwell-Andrews, WFCU vice-president. "We'll still be accepting them however we can no longer order rolled pennies for them."
Some independent shop owners tell CBC News they aren't concerned just yet about removing the penny from circulation.
The Canadian government announced in its 2012 Economic Action Plan that the penny will be phased out, which will save taxpayers $11 million per year.
The decision to can the penny involved rising costs to produce the coin, the increased accumulation of pennies in Canadian households, environmental concerns and the cost associated with handling the penny for retailers and financial institutions.
