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Show ALL Forums  > Off Topic  > No more Canadian penny??      Home login  
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 dynastywhite
Joined: 1/4/2009
Msg: 1
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No more Canadian penny??Page 1 of 2    (1, 2)
The first thing that comes to mind is that if we have a 13% tax on everything,
does anyone see that with no more pennys, our tax has just gone up to 15%!
.13 cents on every dollar will now be 2 cents more than we are paying now. $1.13 will now be $1.15.
I hope no body believes retailers will start rounding DOWN. You need to give your head a shake if you do.
Sorry people, but the price of gas and booze just went up again.
.96 to .99 will also vanish, making the new price up to 4 cents more.
Then you can add the tax.
And they tell us they didn't raise our taxes. Do they really think we're all that blind?

Now what to do with my pickle jar of poker pennys.
 Blah_User_Name
Joined: 8/27/2011
Msg: 2
No more Canadian penny??
Posted: 3/30/2012 3:11:03 AM
In NS, tax is already 15%. It has been for a while now...And the penny has been rumored to departing for several years now so isn't news.

I don't see tax increasing just to deal with the redundant coin, besides one of the big reasons for getting rid of it is the cost of production in comparison to face value and many people pay electronically now, not in coinage. . LOL

It's not like everything is priced in multiples of whole dollars anyway so there's no logic to your presumption as it is stated.
 dynastywhite
Joined: 1/4/2009
Msg: 3
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No more Canadian penny??
Posted: 3/30/2012 4:11:15 AM

It's not like everything is priced in multiples of whole dollars anyway...


My point exactly. .96 cents will now be rounded up to 1.00, price increase of 4 cents.
Add the tax of 13 cents rounded up to 15 cents and you end up with a 6 cent increase.

 Blah_User_Name
Joined: 8/27/2011
Msg: 4
No more Canadian penny??
Posted: 3/30/2012 4:27:25 AM

{quote]The first thing that comes to mind is that if we have a 13% tax on everything,
does anyone see that with no more pennys, our tax has just gone up to 15%!
.13 cents on every dollar will now be 2 cents more than we are paying now. $1.13 will now be $1.15.

My point exactly. .96 cents will now be rounded up to 1.00, price increase of 4 cents.


What are you basing that presumption on?

When I came to NS, tax here was 13%. Over the decade plus I have lived here, it has increased to 15%. But 10 years ago, they didn't increase everything to make it easier ! Just because the penny is going from the cash system, that does not mean that things cannot be charged at .96 cents any longer. Most people pay by debit or credit card. Few people deal in cash these days.

It's far my likely in my opinion that if you get to the checkout and your bill is $117.36 that if paying electronically, that's the amount that will be charged and if paying in cash that you will either be charged $117.35 or $117.40 but you OP suggests you are presuming every individual item will be rounded up whereas I think at most, the final total will be.

Let's base the example on the Dollar store simply because that already operates in whole dollars. A shopper buys 25 items totaling $25.00 plus tax at your rate of 13% = $28.25. No issue in this example so how are you suggesting this will be affected ?

What if everything in the store was .96 cents ? The total bill in your province would be $27.12. It's far more likely the cash paying customer will be charged either $27.10 or $27.15 but your logic is suggesting they will pay $28.25 because each individual price of .96 cents will be rounded up to a dollar.
 OMG!WTF!
Joined: 12/3/2007
Msg: 5
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No more Canadian penny??
Posted: 3/30/2012 4:37:51 AM

My point exactly. .96 cents will now be rounded up to 1.00, price increase of 4 cents.


Actually retailers will be required to round to the nearest five cents. So .96 cents will be rounded down to .95 cents. .98 cents will become a dollar. Hopefully you'll win as much as you lose but considering the cost of creating pennies every year is 130 million more than they're worth, your government has already saved you and every other man woman and child in the country a few bucks. That should cushion the blow.

ps-move to Alberta. tax here is only 5% so you're gold. we already launch our pennies into giant pools of oil and watch them float on top.
 HalftimeDad
Joined: 5/29/2005
Msg: 6
No more Canadian penny??
Posted: 3/30/2012 6:54:37 AM
You know, back in the 30's the smallest currency was the penny. It would buy about what a quarter will buy today.

Get rid of the nickel and dime while we're at it. Okay, just the nickel then.
 Kings_Knight
Joined: 1/20/2009
Msg: 7
No more Canadian penny??
Posted: 3/30/2012 6:58:00 AM
Why is this a problem? The penny can still be placed on the trolley track where it will be flattened by the wheels so as to make a nice copper (they are copper, right?) oval ... enjoy.
 Forereels
Joined: 5/22/2011
Msg: 8
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No more Canadian penny??
Posted: 3/30/2012 8:48:20 AM

Get rid of the nickel and dime while we're at it.


Then we will be getting loonie and toonied...
 TooShadows
Joined: 9/26/2008
Msg: 9
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No more Canadian penny??
Posted: 3/30/2012 8:54:00 AM
Question is,is the penny being phased out? I don't think so,at least not in the short term. The Canadian Mint will no longer make the penny, because a penny costs 1.6 cents to produce. I'd say there's plenty of pennies in circulation already so it'll be around for a while yet. At least,that's the way I understand it.
 Gashlycrumb_Briny
Joined: 9/26/2010
Msg: 10
No more Canadian penny??
Posted: 3/30/2012 8:54:37 AM

.13 cents on every dollar will now be 2 cents more than we are paying now. $1.13 will now be $1.15


Math fail.
 Lint Spotter
Joined: 8/27/2009
Msg: 11
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No more Canadian penny??
Posted: 3/30/2012 9:07:32 AM

My point exactly. .96 cents will now be rounded up to 1.00, price increase of 4 cents.
Add the tax of 13 cents rounded up to 15 cents and you end up with a 6 cent increase.
While your math is sound, the application is incorrect.

The tax on 96 cents is 12 cents for a total of $1.08. With the new system, this would be rounded up to $1.10.
 red_fir
Joined: 11/21/2011
Msg: 12
No more Canadian penny??
Posted: 3/30/2012 9:45:45 AM
I know I aint very smart,
but....
wouldn't the same thing be accomplished by simply knocking of two zeros across the board?

Simply revalue the currency so that a penny is valid again. Since all current monetary systems are a completely artificial construct, (us dollar was worth .3 cents in actual value last I checked) why not just declare a new value for the current system and save all the restriking.

Really there is no difference between the effort to create a 100 dollar bill and a one dollar bill and since neither is backed up by anything but the promises of professional liars, declare them to be any value whatsoever, declare them to be anything you please.
Coinage is the only sticking point but since it has been perverted from any true value by the addition of pot metal its an artificial construct too.
Hell just eliminate them all together and issue books of stamps to replace coins, yellow paper for pennies, silver for nickels, red for dimes, and a lovely chartreuse for quarters.

Distressing to know your weeks worth of labor is compensated for by less than $1.00 actual value eh?

That's why a cashless society is such a priority, then you can be compensated with nothing more than a few digital zero's and ones, which can be afforded by the billions for a few penny's of real value. It also lock you in to the overall scheme because you wont be able to spend it anywhere but by someone else equally trapped.
After all what kind of nut would trade you real goods (food, shelter, weapons) for a digital zero?
 chameleonf
Joined: 12/22/2008
Msg: 13
No more Canadian penny??
Posted: 3/30/2012 11:10:34 AM
It'll save me money in the end - I won't have to buy penny rollers for taking all those unused pennies to the bank to deposit or cash out.
 Ready4SomethingFun
Joined: 3/17/2008
Msg: 14
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No more Canadian penny??
Posted: 3/30/2012 11:21:11 AM
^^^^

Wow, all I have to do is walk in my bank and ask for some.... and they give them to me!!!!! For free!!! God, I love this country!!
 chameleonf
Joined: 12/22/2008
Msg: 15
No more Canadian penny??
Posted: 3/30/2012 11:55:53 AM
^^^^It's your bank you love...your country's state of financial affairs and what they do for their citizens for free is quite another matter.

It's crossed my mind, but not because they don't hand out free coin rollers...lol
vvv
 Lint Spotter
Joined: 8/27/2009
Msg: 16
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No more Canadian penny??
Posted: 3/30/2012 12:09:02 PM

It'll save me money in the end - I won't have to buy penny rollers for taking all those unused pennies to the bank to deposit or cash out.
Odd, my bank gives them to me as well when I ask for coin papers.

If I were you, I'd switch banks...
 Ready4SomethingFun
Joined: 3/17/2008
Msg: 17
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No more Canadian penny??
Posted: 3/30/2012 12:34:39 PM

your country's state of financial affairs and what they do for their citizens for free is quite another matter.


Still, there's no place in the world I'd rather be....Free coin wrappers for all!!!
 U make it entertaining
Joined: 7/17/2009
Msg: 18
No more Canadian penny??
Posted: 3/30/2012 1:38:40 PM
Why roll them up and take them to the bank?

I saw an amazing photo of someone who glued pennies to the floor and had a copper floor.

Now how cool is that?
 Belle Requin
Joined: 2/17/2007
Msg: 19
No more Canadian penny??
Posted: 3/30/2012 1:46:56 PM
There was talk before that the resulting increase or decrease would only apply to cash sales.

So I really don't care. There's no need to round off payment amounts when you pay via debit or credit. And I'm certainly of the generation that virtually never uses cash.
 NonamousDog
Joined: 4/20/2011
Msg: 20
No more Canadian penny??
Posted: 3/30/2012 1:53:57 PM
But cash is so much more fun. I especially like spending hundred dollar bills. Five hundreds would be even more fun, but they quit making those too.

I wish they still made five dollar gold pieces, it would be fun to slap one down on the bar and yell "Whiskey, barkeep!"
 Kings_Knight
Joined: 1/20/2009
Msg: 21
No more Canadian penny??
Posted: 3/30/2012 3:17:16 PM
The latest iteration of the 'penny' has a shield that clearly gets its inspiration from DC Comics or Marvel Comics cover art ... not only is it tasteless and designed like a bad piece of retro-inspired 'art', it's worth nothing - and the 'copper' coloring applied to the 'mystery meat' base metal probably costs more than a penny to apply ... we used to have great-looking money ... now it's all 'Monopoly' money, but no one can afford Park Place ... or Boardwalk ... maybe the 'new money' is designed to get us accustomed to 'Lose A Turn' and 'Start Over' ...
 Blah_User_Name
Joined: 8/27/2011
Msg: 22
No more Canadian penny??
Posted: 3/30/2012 3:27:14 PM

In reference to the OP's original comment where he presumed all items would be re-priced to accommodate the lost penny, I've just found this..


In a brochure explaining the changes, the government said that cash transactions will have to be rounded once the penny is scrapped this coming fall. It gave an example of a purchase of a sandwich ($2.80) and coffee ($1.50) which, with tax included, totaled $4.86. It would be rounded down to $4.85, the brochure said.


http://fullcomment.nationalpost.com/2012/03/29/scott-stinson-on-budget-2012-canadian-penny-fell-victim-to-changing-times/

And this...


What are pennies made of, anyway?
Up until the 1990s, pennies used to be made of copper. In 1997, to cut costs, the Mint changed the formula to a zinc core with only a thin plating of copper. In 2000, the recipe was changed again to give the coins a steel core. If the Mint had not made the switch, high copper prices and metal thieves may have ended the penny’s reign long before Jim Flaherty had a chance. Three months ago, a Peterborough man was electrocuted while trying to steal copper from a transformer station. With people taking those kinds of risks, do you think they would have hesitated to melt down a few rolls of worth of solid copper pennies?
 Aristotle_Amadopolis
Joined: 12/8/2011
Msg: 23
No more Canadian penny??
Posted: 3/30/2012 4:18:30 PM
No more Canadian penny??

File that with things to offset how the average Canadian just got screwed by the reform party.




...we used to have great-looking money ... now it's all 'Monopoly' money, but no one can afford Park Place ... or Boardwalk ... maybe the 'new money' is designed to get us accustomed to 'Lose A Turn' and 'Start Over' ...

I agree.

The US paper money that paid homage to science and technology and nature where great representations of advancements (Educational Series), then in the 50's it went downhill with the god crap.
 HIV_STRAIGHT_GUY
Joined: 12/12/2011
Msg: 24
No more Canadian penny??
Posted: 4/12/2012 6:52:02 AM
Good one dynastywhite
 CatManDo1959
Joined: 2/23/2008
Msg: 25
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No more Canadian penny??
Posted: 4/12/2012 10:30:12 PM
Something about the penny thing here in Canada has me a little perplexed. Maybe I'm missing something. Okay, you say the retailer will round up or down (yeh, right) to the nearest nickel - until the nickel becomes passe. But retailers advertise the base pre-tax price. Nearly daily, I go to McDonalds, read the paper over coffee and a muffin. Combo priced at $1.39, after tax, $1.56. All items are listed pre-tax. So would you switch over to posting the full price, because if you bring the taxed amount the the non-penny price, the listed price would be penny-based.
Never mind. I just googled a before and after sales tax calculator. If the coffee and muffin is post taxed at $1.60, the pre-tax -could- be listed on the board as $1.43, a hypothetical value since no-one will be paying the $1.43. And I bet to achieve $1.60, it will be a fraction above or below the $1.43, which wouldn't happen when you tax upwards. Right now, my coffee example is nickle-dime so-to-speak but that applies to anything.
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