TORONTO, July 31, 2012 /CNW/ - Retail Council of Canada (RCC) fully
supports yesterday's announcement by Finance Minister Jim Flaherty of
an extended transition date for the elimination of the penny.
"Minister Flaherty has now provided retailers and consumers time to
adapt to the elimination of the penny, without disrupting customer
service," said Diane J. Brisebois, President and CEO, RCC. "This move
is most welcome, as it will prevent chaos at the cash register and
consumer frustration during the holiday season, which is the busiest
time of year for most retailers."
The federal government announced in March that the penny would be
withdrawn from circulation as part of the Economic Action Plan 2012.
While RCC continues to support the policy intent behind the initiative,
it has represented a challenge for Canada's largest industry.
Shortly after the announcement, RCC began working with its small and
large members across Canada and officials in the Department of Finance
to identify issues and suggest methods to ease the transition for both
retailers and consumers.
In order to prepare for the elimination of the penny, retailers need to
make necessary changes at point of sale in order to accommodate the
proposed new rounding regimes and to ensure that consumers are fully
aware of the changes.
"We are very pleased that the Minister has listened to our requests and
has announced February 4, 2013 as the transition date," said Brisebois.
About Retail Council of Canada:
Retail Council of Canada (RCC) has been the Voice of Retail in Canada
since 1963. We speak for an industry that touches the daily lives of
Canadians in every corner of the country - by providing jobs, career
opportunities, and by investing in the communities we serve. RCC is a
not-for-profit, industry-funded association representing more than
45,000 store fronts of all retail formats across Canada, including
department, specialty, discount, and independent stores, and online
merchants. RCC is a strong advocate for retailing in Canada and works
with all levels of government and other stakeholders to support
employment growth and career opportunities in retail, to promote and
sustain retail investments in communities from coast-to-coast, and to
enhance consumer choice and industry competitiveness.
SOURCE: Retail Council of Canada
For further information:
VP Communications and Marketing, RCC
416 922-0553 ext. 228
416 574-2552 (Mobile)