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Published

Phasing Out the Penny

On February 4, 2013, the Royal Canadian Mint stopped distributing pennies. When consumers pay cash and cannot give exact change, the supplier must round off the amount due.

However, although suppliers may receive rounded off amounts in payment, the following amounts remain unchanged:

  • the GST and QST calculated on sales
  • the amounts of tax collected, reported and remitted
  • input tax credits and refunds

Fair. For all.

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