Retailers to begin pinching pennies next week

by | Feb 1, 2013 | News

By Nicholas Camilleri

The phrase “every penny counts” will lose a bit of meaning for Canadians as on Monday, Feb. 4 retailers will be rounding off totals and sending off the nostalgic one-cent coins to the nearest bank.

Canadians across the nation have received notices in the mail declaring the official end to the penny, and retailers at Humber’s North Campus are prepared to phase out the penny through transactions.

The notice informs Canadians that a method of rounding off will be used as the process of phasing out the penny progresses.

Retailers will round down $0.01 and $0.02 and roundup to the five at $.03 and $.04. For example, if an item is $22.73, it will be rounded up to $22.75.

The move to phase out the penny is part of the Economic Action Plan 2012, and is estimated to save Canadian tax payers upwards of $11 million per year.

Linx Lounge, Humber’s campus bar, is more than prepared for the demise of the penny, as the lounge’s pricing scheme already avoids pennies.

Daniela Rivera, a shift supervisor at Linx Lounge, said it will be business as usual on Monday.

“It’s been like this since I’ve started and I started about two years ago,” she said. “Everything is priced to the quarter.”

She went on to add that any pennies they may encounter go directly to a deposit.

“We will have to be rounding off,” she said, adding that they will still be accepting pennies, and that all pennies collected would be held and sent to the bank accordingly

Debby Martin, manager of the Humber North Campus bookstore has worked at the store for 11 years and said they are ready to deal with the elimination of the penny.

Martin said she thinks the government’s move to eliminate the move is a good method of penny pinching.

“When I see the cost savings for the government in the long run… a saving is a saving. So I’m fine with it,” Martin said.

But not everyone feels the same way.

Ryan Mestrella, 19, a first-year HVAC student at Humber said it is a shame to see a part of Canadian heritage die out.

“It seems kind of stupid. We’ll end up paying more (for products)” he said, adding that he thinks retailers will eventually round all prices up.

“It’s been here so long,” he said. “They didn’t have to get rid of it. They could have found a cheaper way to make it.”