|
|
| Canada Eliminates Penny (925132) | |
 |
|
| Home > OTChat | |
[ Post a New Response | Return to the Index ]
|
|
Page 1 of 4 |
|
|
| (925132) | |
Canada Eliminates Penny |
|
|
Posted by DAND124 on Thu Mar 29 20:24:25 2012 http://www.bloomberg.com/news/2012-03-29/canada-eliminates-penny-that-costs-penny-and-a-half-to-make.htmlCanada will withdraw the penny from circulation this year, saving taxpayers about C$11 million ($11 million) annually and forcing retailers to round prices to the nearest nickel, the government announced in its budget today. The Royal Canadian Mint, which has produced 35 billion pennies since it began production in 1908, will cease distribution this fall due to the coin’s low purchasing power. Production and handling cost for the one-cent coin are a C$150- million drag on the economy, according to a 2006 study by Desjardins, a Levis, Quebec-based financial institution. Pennies take up too much space on our dressers at home,” Finance MinisterJim Flaherty said in the text of his budget speech in Ottawa. “They take up far too much time for small businesses trying to grow and create jobs.” Business groups welcomed the move, which follows other countries such as Australia, Brazil and Sweden, and economists said it would have little impact on inflation. “If there’s a rounding up, you’d see a rounding down somewhere else,” said Craig Wright, chief economist at Royal Bank of Canada. The savings to financial institutions alone may be about C$20-million a year, as banks reduce transportation, storage and handling costs, the study estimated. It costs the government 1.6 cents to produce one penny, which has been made of copper-plated zinc and copper-plated steel since 1997. Stuck Down the Sofa “It’s a cost to the government that can be easily saved, given that most pennies get stuck down the back of the sofa or under the streetcar,” said David Tulk, chief Canada macroeconomic strategist at TD Securities Inc., a unit of Toronto-Dominion Bank. (TD) The penny, with two maple leafs on one side and Queen Elizabeth II on the other, can continue to be used in payments. As they are gradually withdrawn from circulation, price rounding on cash transactions will be required, the government said. The calculation of the federal goods and services tax and provincial sales taxes will continue to be calculated to the penny and added to the price, with rounding only taking place on the total payment. Non-cash payments on checks and credit cards will continue to be rounded to the nearest cent. “If businesses round cash transactions to the nearest five-cent increment, any gains or losses relating to cash transactions (a maximum of two cents per transaction) will balance out over time,” the government said in its budget documents. Increase Efficiency Retailers and other businesses can continue to price goods and services in one-cent increments and there will be no need to reprogram cash registers, according to the government. Catherine Swift, president and chief executive officer of the Canadian Federation of Independent Business, said the move will increase efficiency. “It has been a long time coming,” she said. “It’s been a real pain more than anything else. We’ve actually polled our members on this and they’re supportive.” The mint used 1.5 million kilograms of steel, 70,000 kilograms of copper and 23,000 kilograms of nickel last year to make pennies at its facility in Winnipeg, Manitoba. It put 1.3 billion coins in circulation in 2011, half of which were freshly minted and half made from recycled materials. |
|
|
| (925147) | |
Re: Canada Eliminates Penny |
|
|
Posted by Spider-Pig on Thu Mar 29 20:32:12 2012, in response to Canada Eliminates Penny, posted by DAND124 on Thu Mar 29 20:24:25 2012. GO CANADA! |
|
|
| (925151) | |
Re: Canada Eliminates Penny |
|
|
Posted by Olog-hai on Thu Mar 29 20:35:58 2012, in response to Re: Canada Eliminates Penny, posted by Spider-Pig on Thu Mar 29 20:32:12 2012. How glorious, Scrabblepig. |
|
|
| (925173) | |
Re: Canada Eliminates Penny |
|
|
Posted by orange blossom special on Thu Mar 29 21:29:56 2012, in response to Canada Eliminates Penny, posted by DAND124 on Thu Mar 29 20:24:25 2012. Hmph, sounds like somethings those canucks do.I wonder why, before we've become cashless, I get coins from every Island and Canada, but never Mexico. |
|
|
| (925232) | |
Re: Canada Eliminates Penny |
|
|
Posted by Olog-hai on Fri Mar 30 03:16:23 2012, in response to Re: Canada Eliminates Penny, posted by orange blossom special on Thu Mar 29 21:29:56 2012. Not a good sign. May as well put up banners saying "here comes hyperinflation". |
|
|
| (925240) | |
Re: Canada Eliminates Penny |
|
|
Posted by Scrabbleship on Fri Mar 30 06:07:32 2012, in response to Re: Canada Eliminates Penny, posted by Olog-hai on Thu Mar 29 20:35:58 2012. He's right. Canada is a first world nation while the US will still have a penny in 30 years.If you put Harper and Obama or Romney or any US politician in a UFC octagon, Harper would win in 5 seconds. Tops. |
|
|
| (925256) | |
Re: Canada Eliminates Penny |
|
|
Posted by SLRT on Fri Mar 30 07:07:17 2012, in response to Canada Eliminates Penny, posted by DAND124 on Thu Mar 29 20:24:25 2012. As long as their getting rid of useless things that cost money, how about royalty? |
|
|
| (925257) | |
Re: Canada Eliminates Penny |
|
|
Posted by SLRT on Fri Mar 30 07:08:54 2012, in response to Re: Canada Eliminates Penny, posted by Scrabbleship on Fri Mar 30 06:07:32 2012. Canada is a first world nation while the US will still have a penny in 30 years.But the U.S. won't be a first world nation in 30 years, if Obama has his way. |
|
|
| (925258) | |
Re: Canada Eliminates Penny |
|
|
Posted by Fred G on Fri Mar 30 07:11:19 2012, in response to Re: Canada Eliminates Penny, posted by SLRT on Fri Mar 30 07:08:54 2012. In 30 years they'll be calling the war in Iraq the American Stalingrad, where the US lost its first world status.your pal, Fred |
|
|
| (925259) | |
Re: Canada Eliminates Penny |
|
|
Posted by SLRT on Fri Mar 30 07:23:23 2012, in response to Re: Canada Eliminates Penny, posted by Fred G on Fri Mar 30 07:11:19 2012. That was probably Vietnam. The U.S. has never recovered from it. |
|
|
| (925260) | |
Re: Canada Eliminates Penny |
|
|
Posted by Spider-Pig on Fri Mar 30 07:25:50 2012, in response to Re: Canada Eliminates Penny, posted by SLRT on Fri Mar 30 07:08:54 2012. LOL! |
|
|
| (925261) | |
Re: Canada Eliminates Penny |
|
|
Posted by Spider-Pig on Fri Mar 30 07:32:41 2012, in response to Re: Canada Eliminates Penny, posted by Fred G on Fri Mar 30 07:11:19 2012. I think you people are confusing first world status with superpower status.I don't care if America stops being a superpower, so long as it's not our enemies that replace us. Being a superpower is expensive and contrary to American ideals. |
|
|
| (925263) | |
Re: Canada Eliminates Penny |
|
|
Posted by Scrabbleship on Fri Mar 30 07:34:06 2012, in response to Re: Canada Eliminates Penny, posted by SLRT on Fri Mar 30 07:08:54 2012. The US is already not a first world nation. It is a bloated obsolete carcsss that needs to disband. |
|
|
| (925268) | |
Re: Canada Eliminates Penny |
|
|
Posted by GP38/R42 Chris on Fri Mar 30 07:52:55 2012, in response to Re: Canada Eliminates Penny, posted by Olog-hai on Fri Mar 30 03:16:23 2012. Pennies have been almost useless for decades. |
|
|
| (925270) | |
Re: Canada Eliminates Penny |
|
|
Posted by GP38/R42 Chris on Fri Mar 30 07:53:22 2012, in response to Re: Canada Eliminates Penny, posted by Scrabbleship on Fri Mar 30 07:34:06 2012. Don't let the door hit you in the ass as you leave. |
|
|
| (925280) | |
Re: Canada Eliminates Penny |
|
|
Posted by JayMan on Fri Mar 30 08:33:34 2012, in response to Re: Canada Eliminates Penny, posted by SLRT on Fri Mar 30 07:08:54 2012. This degradation will happen. However, Obama will have little to nothing to do with it, and any Republican is likely to accelerate the process. |
|
|
| (925286) | |
Re: Canada Eliminates Penny |
|
|
Posted by SLRT on Fri Mar 30 08:51:54 2012, in response to Re: Canada Eliminates Penny, posted by Spider-Pig on Fri Mar 30 07:32:41 2012. When you're not a superpower, no one in the world cares about your ideals. |
|
|
| (925289) | |
Re: Canada Eliminates Penny |
|
|
Posted by SLRT on Fri Mar 30 09:00:05 2012, in response to Re: Canada Eliminates Penny, posted by JayMan on Fri Mar 30 08:33:34 2012. Are you old enough to remember Jimmy Carter? That was exactly the feeling in the U.S. People even discussed what was the best way to "manage" America's decline. Then we had Reagan, whose most significant accomplishment was to answer the question of whether America was in decline with "No," and make it believable.Now we have Carter II. I hope the next President can at least channel that part of Reagan's personality. |
|
|
| (925291) | |
Re: Canada Eliminates Penny |
|
|
Posted by Spider-Pig on Fri Mar 30 09:03:24 2012, in response to Re: Canada Eliminates Penny, posted by SLRT on Fri Mar 30 08:51:54 2012. And this a problem how? |
|
|
| (925298) | |
Re: Canada Eliminates Penny |
|
|
Posted by SLRT on Fri Mar 30 09:22:58 2012, in response to Re: Canada Eliminates Penny, posted by Spider-Pig on Fri Mar 30 09:03:24 2012. Because non-world powers are dictated to by the new world powers. |
|
|
| (925314) | |
Re: Canada Eliminates Penny |
|
|
Posted by gp38/r42 chris on Fri Mar 30 10:46:36 2012, in response to Re: Canada Eliminates Penny, posted by Spider-Pig on Thu Mar 29 20:32:12 2012. "Oh Canada".... |
|
|
| (925317) | |
Re: Canada Eliminates Penny |
|
|
Posted by Spider-Pig on Fri Mar 30 10:58:17 2012, in response to Re: Canada Eliminates Penny, posted by SLRT on Fri Mar 30 09:22:58 2012. Only if the powers are evil. That's the only reason the United States ever had to be a superpower. |
|
|
| (925323) | |
Re: Canada Eliminates Penny |
|
|
Posted by SLRT on Fri Mar 30 11:09:43 2012, in response to Re: Canada Eliminates Penny, posted by Spider-Pig on Fri Mar 30 10:58:17 2012. Well, let's give up our power and see if what replaces us is friendly or evil.Should be fun. |
|
|
| (925325) | |
Re: Canada Eliminates Penny |
|
|
Posted by SLRT on Fri Mar 30 11:10:19 2012, in response to Re: Canada Eliminates Penny, posted by gp38/r42 chris on Fri Mar 30 10:46:36 2012. I prefer Oh Calcutta. |
|
|
| (925326) | |
Re: Canada Eliminates Penny |
|
|
Posted by Spider-Pig on Fri Mar 30 11:11:01 2012, in response to Re: Canada Eliminates Penny, posted by SLRT on Fri Mar 30 11:09:43 2012. The only credible replacement power is China and IMO they would be evil enough to count as evil. |
|
|
| (925327) | |
Re: Canada Eliminates Penny |
|
|
Posted by Spider-Pig on Fri Mar 30 11:12:25 2012, in response to Re: Canada Eliminates Penny, posted by SLRT on Fri Mar 30 11:10:19 2012. It's Kolkata now. They changed the name after they bought Kolkats from the Delhi. |
|
|
| (925329) | |
Re: Canada Eliminates Penny |
|
|
Posted by SLRT on Fri Mar 30 11:15:27 2012, in response to Re: Canada Eliminates Penny, posted by Spider-Pig on Fri Mar 30 11:11:01 2012. I know. Currently if you want electronics, you are forced to buy Chinese products. Once China is the world power, that will change. |
|
|
| (925331) | |
Re: Canada Eliminates Penny |
|
|
Posted by SLRT on Fri Mar 30 11:17:08 2012, in response to Re: Canada Eliminates Penny, posted by Spider-Pig on Fri Mar 30 11:12:25 2012. Are Kolkats Indian Ipads? Or are they the Indian versions of what Ignatz used to throw bricks at? |
|
|
| (925333) | |
Re: Canada Eliminates Penny |
|
|
Posted by Spider-Pig on Fri Mar 30 11:27:04 2012, in response to Re: Canada Eliminates Penny, posted by SLRT on Fri Mar 30 11:17:08 2012. I assumed that "Kolkata" is pronounced "Cold cutta" with the silent D. |
|
|
| (925336) | |
Re: Canada Eliminates Penny |
|
|
Posted by SLRT on Fri Mar 30 11:37:28 2012, in response to Re: Canada Eliminates Penny, posted by Spider-Pig on Fri Mar 30 11:27:04 2012. Oh. Had a hole in my mitt on that one. Missed a pair of perfectly good puns.Do you know what Oh Calcutta! was? |
|
|
| (925339) | |
Re: Canada Eliminates Penny |
|
|
Posted by 5301 Fishbowl on Fri Mar 30 11:58:01 2012, in response to Canada Eliminates Penny, posted by DAND124 on Thu Mar 29 20:24:25 2012. An interesting follow up article from The Toronto Star:Penny’s demise won’t change people’s lives Liam Casey Staff Reporter No one ever takes a penny. That’s because it lost its street cred years ago. They are transient, spending time in a pocket before being given away to a restaurant, the wishing well or a dusty jar. In fact, a restaurant on College St. stopped using them a long time ago. No one is sure when, but they do know why. “I was lazy,” said Signe Lewis, a server at Utopia. “We don’t want pennies, customers don’t want pennies and now it’s just part of our training. It’s what we do.” “And we have no space for it in our till,” added Andrew Smith, another server at the restaurant in Little Italy, The toonies sit in the penny’s old spot, while one-cent coins are tucked at the back of the register, for financial emergency. “I usually just take them home,” Lewis said. “We usually round in the customer’s favour. Not once in all my years here has someone complained about not getting a penny. I mean, it’s worthless, really.” On Thursday, the federal government killed the penny in a move that is expected to save taxpayers $11 million. Clerks at nearby Soundscapes were startled at the news. “What will we do with prices?” asked Colin Medley, shortly after giving two pennies to a customer. “I have no idea,” said Carly Ogonek, “I guess we should tell the owner.” Neither respected the penny much, although Ogonek was nostalgic, yet couldn’t elucidate why. “I guess I don’t like change,” a laughing Ogonek said, pun not intended. Everyone, it seems, has a jar of pennies at home, waiting to be rolled into stacks worth half a loonie or, like a surprising number of those interviewed by the Star Thursday, tossed into the garbage. Many reminisced about rolling pennies and learning the value of money. Of course, 300 pennies will still get you a lift on the TTC, something Dana Burke recently did. Comic books could be had for just 10 pennies in the 1940s, but now it’s at least $3 for the latest Spider-Man, making the penny nothing more than a nuisance for Joe Kilmartin, manager of The Comic Book Lounge and Gallery. “One cent is just not what it used to be,” he said. One man wearing penny loafers refused to discuss news of the cent’s demise. “I just have nothing profound to say about the penny,” he said. |
|
|
| (925341) | |
Re: Canada Eliminates Penny |
|
|
Posted by Spider-Pig on Fri Mar 30 12:15:42 2012, in response to Re: Canada Eliminates Penny, posted by SLRT on Fri Mar 30 11:37:28 2012. Yes. I did not have to look it up. . .this time. I did have to look it up at some point in the past though. |
|
|
| (925343) | |
Re: Canada Eliminates Penny |
|
|
Posted by Fred G on Fri Mar 30 12:24:50 2012, in response to Re: Canada Eliminates Penny, posted by SLRT on Fri Mar 30 09:00:05 2012. So we can go into decline but lie about it?Kind of like our Vietnam strategy - Let's come home and say we won. your pal, Fred |
|
|
| (925347) | |
Re: Canada Eliminates Penny |
|
|
Posted by Olog-hai on Fri Mar 30 12:44:50 2012, in response to Re: Canada Eliminates Penny, posted by SLRT on Fri Mar 30 07:07:17 2012. No. That's French Revolution-type crap. The War of Independence was about independence, not disestablishment. |
|
|
| (925348) | |
Re: Canada Eliminates Penny |
|
|
Posted by Olog-hai on Fri Mar 30 12:46:12 2012, in response to Re: Canada Eliminates Penny, posted by GP38/R42 Chris on Fri Mar 30 07:52:55 2012. They haven't gotten rid of this cent yet. |
|
|
| (925349) | |
Re: Canada Eliminates Penny |
|
|
Posted by Olog-hai on Fri Mar 30 12:47:24 2012, in response to Re: Canada Eliminates Penny, posted by Scrabbleship on Fri Mar 30 06:07:32 2012. No, you're merely insane. |
|
|
| (925351) | |
Re: Canada Eliminates Penny |
|
|
Posted by Olog-hai on Fri Mar 30 12:48:29 2012, in response to Re: Canada Eliminates Penny, posted by SLRT on Fri Mar 30 11:15:27 2012. What, Chinese products will be forced to buy you? |
|
|
| (925352) | |
Re: Canada Eliminates Penny |
|
|
Posted by AlM on Fri Mar 30 12:51:57 2012, in response to Re: Canada Eliminates Penny, posted by Spider-Pig on Fri Mar 30 11:11:01 2012. China won't replace the US as a world power. Their entire economic competitvie advantage is based on low wages, which can't be sustained in a world power.There might be a scenario where the US, China, the EU, and some subset of Russia, Japan, India, and Brazil are regional powers and no one is truly a world power. |
|
|
| (925354) | |
Re: Canada Eliminates Penny |
|
|
Posted by SLRT on Fri Mar 30 12:54:46 2012, in response to Re: Canada Eliminates Penny, posted by AlM on Fri Mar 30 12:51:57 2012. Some people imagine the UN would then be the world power. I don't. |
|
|
| (925355) | |
Re: Canada Eliminates Penny |
|
|
Posted by SLRT on Fri Mar 30 12:56:11 2012, in response to Re: Canada Eliminates Penny, posted by Fred G on Fri Mar 30 12:24:50 2012. We didn't say we won in Vietnam. |
|
|
| (925360) | |
Re: Canada Eliminates Penny |
|
|
Posted by AlM on Fri Mar 30 13:08:29 2012, in response to Re: Canada Eliminates Penny, posted by Olog-hai on Fri Mar 30 12:44:50 2012. ???SLRT didn't mention disestablishment. And in any case, Canada doesn't have an established church. |
|
|
| (925361) | |
Re: Canada Eliminates Penny |
|
|
Posted by AlM on Fri Mar 30 13:18:26 2012, in response to Re: Canada Eliminates Penny, posted by SLRT on Fri Mar 30 12:54:46 2012. No. The UN is too dysfunctional for any nation to cede significant power to it. it makes Olog's EUEUEU look like a masterpiece of efficient and democratic government. |
|
|
| (925364) | |
Re: Canada Eliminates Penny |
|
|
Posted by ClearAspect on Fri Mar 30 13:24:35 2012, in response to Re: Canada Eliminates Penny, posted by SLRT on Fri Mar 30 09:00:05 2012. Wait you mean raising the debt by 300%? Raising Taxes?The same shit your on Obama about? Hypocrite... |
|
|
| (925365) | |
Re: Canada Eliminates Penny |
|
|
Posted by Olog-hai on Fri Mar 30 13:27:55 2012, in response to Re: Canada Eliminates Penny, posted by AlM on Fri Mar 30 13:08:29 2012. SLRT didn't mention disestablishment". . . useless things that cost money". Canada doesn't pay any money to the Royal Family. |
|
|
| (925366) | |
Re: Canada Eliminates Penny |
|
|
Posted by 3-9 on Fri Mar 30 13:28:27 2012, in response to Re: Canada Eliminates Penny, posted by SLRT on Fri Mar 30 12:54:46 2012. I cannot imagine how, since it has no standing army of it's own, and I don't believe anyone is really obligated to supply troops under any circumstance. |
|
|
| (925369) | |
Re: Canada Eliminates Penny |
|
|
Posted by SLRT on Fri Mar 30 13:38:23 2012, in response to Re: Canada Eliminates Penny, posted by SLRT on Fri Mar 30 09:00:05 2012. I was referring to American power in the world. |
|
|
| (925370) | |
Re: Canada Eliminates Penny |
|
|
Posted by SLRT on Fri Mar 30 13:38:57 2012, in response to Re: Canada Eliminates Penny, posted by ClearAspect on Fri Mar 30 13:24:35 2012. I was referring to American power in the world.Dodo. |
|
|
| (925372) | |
Re: Canada Eliminates Penny |
|
|
Posted by ClearAspect on Fri Mar 30 13:39:49 2012, in response to Re: Canada Eliminates Penny, posted by SLRT on Fri Mar 30 13:38:57 2012. Reagan did nothing special.... |
|
|
| (925373) | |
Re: Canada Eliminates Penny |
|
|
Posted by Olog-hai on Fri Mar 30 13:39:54 2012, in response to Re: Canada Eliminates Penny, posted by SLRT on Fri Mar 30 13:38:57 2012. The only power "the world" respects is military. Economic power is secondary even to that. |
|
|
| (925388) | |
Re: Canada Eliminates Penny |
|
|
Posted by AlM on Fri Mar 30 13:50:17 2012, in response to Re: Canada Eliminates Penny, posted by Olog-hai on Fri Mar 30 13:27:55 2012. True*, but your bringing up disestablishment was nevertheless a red herring.* Canada does have to pay the expenses of the Queen's representative in Canada, the Governor General. Chicken feed, I agree. |
|
|
|
|
Page 1 of 4 |
|