CIFPs: Tax & Budget 2012 Update
CIFPs: Tax & Budget 2012 Update
CIFPs: Tax & Budget 2012 Update
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Eliminating the Penny<br />
<br />
<br />
<br />
<br />
<br />
<br />
Royal Canadian Mint ceased production of new pennies<br />
Cent will remain Canada’s smallest unit for pricing goods & services<br />
Pennies can be used in cash transactions indefinitely<br />
Non-cash payments, such as cheques, credit cards and debit cards will<br />
continue to be settled to the cent<br />
When pennies are not available, cash transactions should be rounded to the<br />
nearest five-cent increment<br />
• “fair and transparent manner”<br />
Rounding should only be used on the final bill of sale after the calculation of<br />
GST/HST
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