CFIB offers help for small firms adjusting to end of penny

QMI Agency

, Last Updated: 12:22 PM ET

The Canadian Federation of Independent Business is helping small businesses get ready for penniless cash transactions.

Beginning Monday, the Royal Canadian Mint will stop distributing one-cent coins to banks and will slowly take them out of circulation.

"While most small merchants and consumers may be aware of the plan to phase out the penny, they may not be clear on the specifics," CFIB president Dan Kelly said in a statement Sunday. "As we want to ensure the transition goes smoothly, CFIB has put together a set of on-line tools merchants can use to inform employees and customers."

The government is encouraging businesses to start rounding after-tax cash purchases up or down to the nearest nickel. Since rounding will only occur during transactions involving cash, payments made through cheques, debit or credit cards will not be affected.

"Many business owners like the idea of phasing out the penny," Kelly said. "Since after-tax totals will be rounded both up and down, it's important that consumers are properly informed."

To learn more, or to download CFIB's penny-related educational tools, please visit www.cfib.ca/penny.


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