"The phase-out of the penny will be beneficial to consumers and retailers" - Léopold Turgeon, Conseil québécois du commerce de détail (CQCD)
MONTREAL, Jan. 30, 2013 /CNW Telbec/ - According to the Conseil québécois du commerce de détail (CQCD)/Retail Council of Quebec, the phase-out of the penny, starting February 4, 2013, will be beneficial to both consumers and retailers.
"Because of the high costs to our retailers of handling the penny, the CQCD supports this decision and confirms its cooperation to ensure a harmonious transition. Consumers who still have one-cent coins in their pockets will undoubtedly also appreciate this news!" declared the CQCD's president and CEO, Mr. Léopold Turgeon.
Since the federal government's announcement of the phase-out of the penny from circulation, the CQCD has supported the Department of Finance of Canada.
"Since there has been no specific regulation or framework provided by the federal government, it is very important to properly inform consumers," added Mr. Turgeon. He emphasized the fact that retailers will only apply the rounding rule. To facilitate the understanding of this change, the CQCD has created a poster for retail outlets. It is available on its Internet site: www.cqcd.org.
According to the CQCD, the rounding rule proposed by Finance Minister Flaherty is acceptable for retailers. This rule applies to cash payments only. If the consumer has no pennies available, the amount of the cash transaction, including sales taxes, should generally be rounded up or down to the nearest five-cent increment, in a fair and transparent manner, after calculating the applicable goods and services tax (GST) or harmonized sales tax (HST). For non-cash transactions (by cheque, credit card, debit card, etc.) the full amount will still be paid, without rounding.
About the CQCD
The Conseil québécois du commerce de détail (CQCD) is proud to promote, represent and enhance the image of the retail sector and the retailers who belong to it in order to ensure the development and prosperity of the sector. The CQCD is an association made up of the leaders in the retail and distribution sector of Quebec's economy.
SOURCE: RETAIL COUNCIL OF QUEBECFor further information: