Monday, January 21, 2013

Penny Dilemmas

With all the hoopla about the penny being phased-out I know what you're all wondering:
What will replace the popular phrases, "penny for your thoughts", "a penny saved is a penny earned", "lucky penny"? The aim of this post is to help you answer these and other important penny-related questions.

Firstly, try substituting penny for nickel, dime or quarter: "nickel for your thoughts", "a dime saved is a dime earned", "lucky quarter". Just say what feels right.

Secondly, and on a more seriousness note:

Beginning Monday February 4, the Canada Revenue Agency would like to see 
businesses discontinue using pennies and instead begin to round cash transactions. 

Only cash payments will need to be rounded, either up or down, to the nearest five cent increment. Transactions by credit, debit, or cheque will not be effected.

This is the rounding guideline being adopted by the Government of Canada:

Pennies will remain legal tender in Canada and will retain their value indefinitely. 

If you want to rid yourself of the pesky penny you can roll them to deposit at the bank or bring them to the library where we are hosting a penny drive located at the main floor reference desk. 

Have questions about the penny? The library is, as usual, a good place to find answers. Come in for a visit, send us an email, give us a call or comment on this post and we'll be happy to help.

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