Regina businesses coping with the end of the penny
CBC News
Posted: Jan 5, 2013 4:40 PM CST
Last Updated: Jan 6, 2013 8:33 AM CST
Businesses in Regina are dealing with the end of the penny. (CBC)In just over a month the penny will go out of circulation, and some businesses in Regina see the change as an obstacle, while others see it as an opportunity.
Chad Boudreau's having a hard time running his comic book store without the penny.
He can't switch the prices on items sold at his store because many are set by the distributors.
Rounding transactions to the nearest nickels, he said, isn't an ideal solution.
"Well then you've gotta track it, and you've introduced a whole new accounting headache," said Boudreau.
"Okay well today I rounded up and I rounded up and we're $200 to the positive. If you think about it, we could be two, three dollars up or down every day, 30 days in a month, 365 days in a year."
For now, he said he'll keep counting his cash the same way, as long as there are pennies in the till.
He hopes that will buy the store some time to figure out a better long-term strategy.
"It's not pennies we're talking about. It's a significant amount of dollars," said Boudreau.
Established businesses said getting rid of the penny will cost them a lot more than than a few cents, in terms of the time and the hassle, while some new businesses have said it could make life easier.
Leanne Bohay, the owner of a Regina coffee shop, decided to round prices up to the nearest nickel — taxes included — from day one.
"I've dealt with money and businesses for years," she said. "The penny is always what gives you the headache."
Bohay said the move has received positive reviews from her customers and her employees.
As for shoppers, nothing will change in terms of pricing if you are using debit cards, but if you pay in cash your purchase could be rounded to the nearest nickel.
While the Royal Canadian Mint will no longer strike new pennies for circulation, the coins will remain legal tender.
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