PHASING OUT THE PENNY
Effective February 4, 2013, the Royal Canadian Mint will no longer distribute pennies to businesses or financial institutions. The penny will remain legal tender in Canada and will still be accepted from banking clients indefinitely.
As of Feb 4, 2013, pennies will no longer be distributed as part of cash back or coin ordered. As pennies exit circulation, cash transactions will be rounded to the nearest $0.05.
The following transactions will not be impacted by rounding:
- Electronic transactions such as debit and credit cards
- Transactions done through online banking and bank machines
- Deposits made to your account, transfers between accounts and payments made from your account
Consider donating your pennies to:
- CIBC Children's Foundation. Simply bring your pennies into a CIBC branch to help children in communities across Canada.
- TD is donating pennies that you drop off to the United Way. Bring your pennies into the Parliament St branch.
- Free the Children: http://www.freethechildren.com/get-involved/campaigns/we-create-change/