Canadians still fond of the penny
It seems that Canadians aren’t quite ready to say goodbye to the penny.
A new survey says almost three quarters of Canadians still expect retailers to keep accepting pennies, despite it being phased out. The Bank of Montreal survey also found that 59% of Canadians expect businesses to adjust prices in their favour.
Six billion pennies are expected to be recycled over the next six years. However, businesses can still accept pennies for as long as they choose, while those that decide to no longer accept the coins will have to round prices up or down to the nearest nickel.