TORONTO, Feb. 3, 2013 /CNW/ - The Canadian Federation of Independent Business (CFIB) is assisting small businesses to get ready for penniless cash transactions. On February 4, the Royal Canadian Mint will stop distributing one-cent coins to financial institutions and gradually start pulling pennies 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," said Dan Kelly, CFIB president and CEO. "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 of Canada 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," added Kelly. "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
As Canada's largest association of small- and medium-sized businesses, CFIB is Powered by Entrepreneurs™. Established in 1971, CFIB takes direction from more than 109,000 members in every sector nationwide, giving independent business a strong and influential voice at all levels of government and helping to grow the economy.
SOURCE: CANADIAN FEDERATION OF INDEPENDENT BUSINESS
For further information:
To arrange an interview with Dan Kelly please call Gisele Lumsden at 647-808-5769 or by email at [email protected].