{"id":10728,"date":"2013-01-24T10:21:16","date_gmt":"2013-01-24T15:21:16","guid":{"rendered":"http:\/\/carleton.ca\/financialservices\/?p=10728"},"modified":"2013-01-24T10:23:17","modified_gmt":"2013-01-24T15:23:17","slug":"penny-is-disappearing","status":"publish","type":"post","link":"https:\/\/carleton.ca\/financialservices\/2013\/penny-is-disappearing\/","title":{"rendered":"Did you know the penny is disappearing?"},"content":{"rendered":"

No it\u2019s not a magic trick, but rather an initiative by the Federal Government!\u00a0\u00a0 The decision to phase out the penny is due to the cost of production relative to its face value, environmental considerations and the significant handling costs the penny imposes on retailers, financial institutions and the economy in general, along with other factors.<\/p>\n

These changes will come into effect on Monday, February 4, 2013.<\/strong><\/p>\n

On that date, businesses are being encouraged to stop using pennies and begin rounding cash transactions. \u00a0\u00a0Sales and taxes<\/span> will continue to be recorded as they are now.\u00a0 The changes will affect cash transactions only.\u00a0 Pennies can still be used in transactions indefinitely should individual businesses choose to accept them. \u00a0\u00a0Credit and debit card and other electronic payments methods are not affected.<\/p>\n

Financial Services is recommending that vendors on campus that accept cash should adopt the \u201crounding\u201d method on February 4th<\/sup>.\u00a0 Information about how that works is available at http:\/\/www.fin.gc.ca\/1cent\/index-eng.asp<\/a> .\u00a0 The general rule is as follows:<\/p>\n\n\n\n\n\n
Receipt Total<\/strong><\/td>\nRound Down<\/strong><\/td>\nReceipt Total<\/strong><\/td>\nRound Up<\/strong><\/td>\n<\/tr>\n
$1.01 or $1.02<\/td>\n$1.00<\/td>\n$1.03 or $1.04<\/td>\n$1.05<\/td>\n<\/tr>\n
$1.06 or $1.07<\/td>\n$1.05<\/td>\n$1.08 or $1.09<\/td>\n$1.10<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

As mentioned above, you may continue to accept pennies and deposit them as you do now.\u00a0 However, you will not be able to replenish pennies in your float after February 4, 2013.\u00a0 You may \u201csell\u201d any pennies in your float back to the Cash Office the first week of February or swap them out for other coin denominations in your deposit.<\/p>\n

Please contact the Cash Office at receipt_accounting@carleton.ca<\/a> with any questions.<\/p>\n","protected":false},"excerpt":{"rendered":"

No it\u2019s not a magic trick, but rather an initiative by the Federal Government!\u00a0\u00a0 The decision to phase out the penny is due to the cost of production relative to its face value, environmental considerations and the significant handling costs the penny imposes on retailers, financial institutions and the economy in general, along with other […]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_mi_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[9,1],"tags":[],"yoast_head":"\nDid you know the penny is disappearing? 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