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The Government announced the elimination of the
penny and has proposed a system of rounding (up or
down) for cash transactions and a ‘status quo’ for
other transactions (credit card, debit, etc…)
Rounding:
A rounding guideline that has been adopted in
other countries, and that will be adopted by the
federal government for cash transactions with the
Canadian public, is:
The calculation of the Goods
and Services Tax (GST) or Harmonized Sales Tax (HST)
on purchases, whether for cash or non-cash
transactions, will continue to be calculated to
the penny and added to the price. It is only the
total cash payment for the transaction that will
be rounded.
For more information, please click links below:
Withdrawing the Penny from Circulation
Fact
Sheet and FAQs – Businesses
Fact
Sheet and FAQs – Rounding
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