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 Replies: 36 / Views: 5,466 |
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Pillar of the Community
Canada
695 Posts |
Quote:
2) I am pretty sure a business will have to take pennies, to the max of 25 per purchase.
Also, a store will not be allowed to use swiss rounding to avoid taking them. This would mean the store is making 1-2 cents per transaction half the time. All stores be be required to take exact change in lieu of rounding if the customer so desires. The stores will not be required to accept pennies as payment. It is up to the business whether they take them or not, not the customer. It seems that this is a case of the customer is not always right. From the Mint website provided above.... Quote:
The cent will remain Canada's smallest unit for pricing goods and services. This will have no impact on payments made by cheque or electronic transactions- - "only cash transactions will be affected. Moreover, pennies can still be used in cash transactions indefinitely with businesses that choose to accept them.
It would also appear that businesses might have the option of HOW they choose to round as well. The Mint gives guidelines as to rounding. To me guidelines are not rules set in stone, but suggestions to make things go smoothly. I could be mistaken though. Quote:
The Government of Canada will be adopting a rounding guideline that has been used successfully by other countries for its cash transactions with the public.
Edited by middross
01/17/2013 08:37 am
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Pillar of the Community
Canada
3690 Posts |
Quote:
The stores will not be required to accept pennies as payment. It is up to the business whether they take them or not, not the customer. It's up to the laws of Canada - not the customer or the business. The Currency Act has not been amended and therefore it still applies. Businesses will be required by law to accept up to 25 pennies as legal tender. "Currency Act R.S.C., 1985, c. C-52 (2) A payment in coins referred to in subsection (1) is a legal tender for no more than the following amounts for the following denominations of coins: (a) forty dollars if the denomination is two dollars or greater but does not exceed ten dollars; (b) twenty-five dollars if the denomination is one dollar; (c) ten dollars if the denomination is ten cents or greater but less than one dollar; (d) five dollars if the denomination is five cents; and (e) twenty-five cents if the denomination is one cent." bolding added for emphasis. |
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Valued Member
Canada
117 Posts |
What about 50 cent coins? They're legal tender forever as well and businesses refuse them because they don't "know" what they are and can't give them out as change so they refuse them. They were last made here in the 2000s so by law they should be forced to be accepted as well. If they "can" refuse these, there will for sure be some businesses refusing pennies right quick I'd imagine
Edited by trikdoutcobalt
01/17/2013 09:05 am
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Pillar of the Community
Canada
3690 Posts |
It's going to be a few more years before you can find a business that doesn't know what a penny is.
But to your point, ignorance is rampant and likely why someone posed the question of which business would be the first to refuse to accept a penny.
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Pillar of the Community
Canada
695 Posts |
http://www.budget.gc.ca/2012/themes...me2-eng.htmlRight from the Government of Canada website. Quote:The cent will remain Canada's smallest unit for pricing goods and services. This will have no impact on payments made by cheque or electronic transactionsâ€"only cash transactions will be affected. Moreover, pennies can still be used in cash transactions indefinitely with businesses that choose to accept them. Important Dates To help consumers, businesses, charities and financial institutions to plan, a transition date of February 4, 2013 has been set after which the Royal Canadian Mint will no longer distribute pennies. On this date, businesses will be encouraged to begin rounding cash transactions. @CC-Ottawa, I understand what you are saying. I'm just guessing that this is how it will work, based on what the current government has stated publicly. If I owned a business, and the government told me that I didn't have to accept pennies anymore, and decided to go that route, any consumer would have a hard time making me take them. Regardless of the currency act, the current government has stated publicly that accepting pennies or not is up to the discression of the business owner.
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Pillar of the Community
Canada
3690 Posts |
Agreed. Laws are laws but not always reality. But if I were a customer at your business and your refused to accept pennies, I'd walk away  It will be interesting to see what happens when that happens because it will. Someone will try to pay $1.83 for a coffee and the business will demand $1.85. As it is now, the law is on the side of the consumer to pay 1.83 if they so choose. |
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Pillar of the Community
Canada
695 Posts |
Quote:
But if I were a customer at your business and your refused to accept pennies, I'd walk away
So would I. I'm just playing Devils Advocate. I know that this WILL be an issue in the near future, and as of Feb. 4th the government will be siding with the business owner on this one. For more info. see link below. http://www.budget.gc.ca/2012/themes...i-1-eng.html |
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Pillar of the Community
Canada
3690 Posts |
At the risk of  . (I know, it's too late) I understand that you're just spit-balling but I think your premise is wrong. The government is not taking a side; they are soft selling guidelines. Businesses are not going to open on Feb 4 and suddenly tell customers that they won't accept pennies and then point them to a budget document. If they do, they are going to be out of business pretty quickly because people will simply avoid them. The government is targeting to collect some 6 billion pennies in the next few years. The majority of those will be via transactions between consumers and businesses. People are going to continue to spend pennies and businesses are going to continue to accept them for a long time. But, it will be in the news sometime in early February that someone tried to use a penny at Tim Hortons or the local convenience store and they were refused because some cashier heard that pennies are no longer money or some such nonsense. To paraphrase the great philosopher Ron White, you can't legislate stupid. |
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Rest in Peace
Canada
1360 Posts |
Realistically? Come on are you really going to leave your 'Timmies' or 'Big-Mac' on the counter for the sake of a couple of pennies? Do you really think the 'place of business' will let you walk away because you didn't have the extra nickle? I don't think there will be any issue - what so ever.
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New Member
Canada
33 Posts |
The OP was asking about silver $'s and halfs. When I was a kid (I'm 66) I used to get the silver dollars and halfs as presents for being a good little brat. I sure wish I had them now.
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Valued Member
Canada
117 Posts |
Dcadon-I walked away from my timmies in front of a lineup of people after they refused to take my fifty cent and put my change back in my hand.
On a side note, how does one quote a post on this forum? Maybe it's just because I'm on the iPhone
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New Member
Canada
33 Posts |
On a side note, how does one quote a post on this forum? Maybe it's just because I'm on the iPhone
I just copied and pasted you question.
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New Member
Canada
33 Posts |
On a side note, how does one quote a post on this forum? Maybe it's just because I'm on the iPhone
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I just copied and pasted your question.
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There I copied and pasted both your question and edited my spelling error at the same time.
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Pillar of the Community
Canada
3690 Posts |
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New Member
Canada
33 Posts |
Thanks CC-Ottawa. We both learned something today.
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Posted 01/17/2013 08:55 am
