CFIB helps small biz get ready for end of penny

The Canadian Federation of Independent Business (CFIB) is assisting small businesses to get ready for penniless cash transactions. On February 4, the Royal Canadian Mint will stop distributing one-cent coins to financial institutions and gradually start pulling pennies out of circulation.

By Staff | February 4, 2013 | Last updated on February 4, 2013

1 min read

The Canadian Federation of Independent Business (CFIB) is assisting small businesses to get ready for penniless cash transactions.

On February 4, the Royal Canadian Mint will stop distributing one-cent coins to financial institutions and gradually start pulling pennies out of circulation.

The Government of Canada is encouraging businesses to start rounding after-tax cash purchases up or down to the nearest nickel. Since rounding will only occur during transactions involving cash, payments made through cheques, debit or credit cards will not be affected.

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