Canada Phasing Out The Penny on TuesdaySubmitted by pawnstorm12 on Tue, 02/05/2013 - 07:17
The Canadian government is asking businesses to round prices up or down as follows: $1.01 and $1.02 will round down to $1.00 while $1.03 and $1.04 will round up to $1.05.
My guess is this will cause an immediate inflation in prices and over time, prices will rise to the next nickel higher.
AND of course, this means more taxes for the Canadian government (if they use a sales tax up there) which, being the good socialist country they are, I imagine they do.
I hope the U.S. doesn't follow suit because there is no advantage for the consumer. Only for commerce and government.
Also, this is one step closer towards a cashless society.
More on the sad demise of the penny in Canada here: