DOCSLIB.ORG

Penny Elimination Word Docu

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Penny Elimination Word Docu The Government of Canada is discontinuing production of the penny as of February 4, 2013.The cent will remain Canada's smallest unit for pricing goods and services. The penny will retain its value indefinitely and can continue to be used when making payments at retailers that accept them. For cash transactions, the Government of Canada is adopting a rounding guideline that has been used successfully by other countries - rounding, either up or down, to the nearest five-cent increment. At iNova Credit Union, we want to make this transition as easy as possible for our members. Consistent with other financial institutions, iNova Credit Union will no longer issue pennies as of February 4, 2013. Cash back transactions will be rounded to the nearest nickel. We will continue to accept loose pennies and fifty cent rolls for cash deposit, calculated to the cent. Credit card, debit card and cheque transactions will use one cent increments. How does this affect cheque cashing and business members? Our credit union will be using the rounding process outlined below. Our business members will also need to determine a rounding policy for their customers. Amounts ending in 1 cent and 2 cents are rounded down to the nearest 10 cents Amounts ending in 3 cents and 4 cents are rounded up to the nearest 5 cents Amounts ending in 6 cents and 7 cents are rounded down to the nearest 5 cents Amounts ending in 8 cents and 9 cents are rounded to the nearest 10 cents Amounts ending 0 cent and 5 cents remain unchanged Here is an example of a restaurant using the rounding process, where the total bill of $4.52 is paid as $4.50 with cash and as $4.52 when paid for with debit, credit and cheque payments. Additional information can be found at: www.mint.ca; click on "Learn" and then "Phasing out the Penny". Or you can open the page immediately by clicking here: http://www.mint.ca/store/template/default/pennyinfo.html#.URBEkB34J2A Frequently Asked Questions 1. Will I be able to deposit pennies after February 4, 2013? 2. Will I be able to withdraw pennies from my account? 3. What are the rounding guidelines? What do they mean? 4. I am not an iNova Credit Union member. Will I be able to bring in my pennies to iNova Credit Union? 5. How long do I have to bring in the pennies for deposit? 6. I run a business, where can I find more information on what this means for my business? 1. Will I be able to deposit pennies after February 4, 2013? Yes, iNova Credit Union will continue to redeem and/or deposit pennies. As per our current requirements, coins will need to be rolled and special coin deposit charges may apply. 2. Will I be able to withdraw pennies from my account? No. As Royal Canadian Mint will stop producing and distributing pennies after February 4, 2013, iNova Credit Union will also stop distributing pennies to clients. 3. What are the rounding guidelines? What do they mean? The phasing out of the penny will only impact cash transactions. For cash transactions, the Government of Canada is adopting a rounding guideline that has been used successfully by other countries – rounding, either up or down, to the nearest five-cent increment. For example, if you are cashing a cheque for $20.92, the amount you will receive in cash will be rounded down to $20.90. If you are cashing a cheque in the amount of $20.93, the amount you will receive will be $20.95. iNova Credit Union will continue to accept pennies on deposit and will count them to the cent. 4. I am not a iNova Credit Union member. Will I be able to bring in my pennies to iNova Credit Union? Yes; however, coin deposit charges apply. This charge will be waived if you donate your pennies as part of iNova penny drive. 5. How long do I have to bring in the pennies for deposit? Pennies will continue to retain their value indefinitely, so there is no time limit on when pennies can be deposited. 6. I run a business, where can I find more information on what this means for my business? For more information on what the penny phase out means for your business, visit www.mint.ca, click on "Learn" and then "Phasing out the Penny". Open the page immediately by clicking here: http://www.mint.ca/store/template/default/pennyinfo.html#.URBEkB34J2A .
Load more

Recommended publications
  • A Short History of the Lincoln Penny
    Read the passage. Then answer the question below. A Short History of the Lincoln Penny Few objects are more common than the Lincoln penny. On any given day, you probably have a few in your pocket or purse. The typical household in the United States has hundreds of pennies squirreled away in piggy banks, jars, and drawers. Everyone is familiar with the penny, but few people ever look at it closely or know much about its history. When the Lincoln penny made its appearance in 1909, it was the first American coin to show the portrait of a historical person. A few coins, such as the Indian Head penny and the Buffalo nickel, had portrayed anonymous Native Americans. Americans, however, had always opposed using coins to honor historical figures. The strong desire to celebrate Abraham Lincoln’s 100th birthday overcame this sentiment. Victor D. Brenner, a Chicago sculptor, contributed the design for the Lincoln penny. His simple, somewhat stark portrait of Lincoln was topped with the words, “In God We Trust.” This was the first time these words appeared on a penny. The word “Liberty,” as mandated by a law passed by Congress, appears to the left of Lincoln, and the date is on his right. Brenner’s initials—VDB—appeared under the date on the first coins. After the coin was released, however, Americans complained that the initials were too large and detracted from the overall design of the penny. So the U.S. Mint removed the initials. As a result, pennies made in 1909 are highly prized by rare coin collectors.
    [Show full text]
  • U.S. & Canadian
    U.S. & Canadian Coin Inserts In this free coin insert pack, you'll find: •U.S. coin amount inserts •U.S. coin name inserts •U.S. coins {front and back} with names for penny, nickel, dime, quarter, half dollar, the Sacagawea dollar •U.S. coins {front and back} without names •Canadian coin amount inserts for penny, nickel, dime, quarter, Loonie, and Toonie •Canadian coin name inserts •Canadian coins {fronts} with names •Canadian coins {fronts} without names Make learning about money more HANDS-ON by inserting the coin inserts into your pocket cubes. You can roll and match the coins, names, or amounts! Fun! Be sure to visit This Reading Mama! Terms of Use: This printable pack was created for you to use at home with your child/students or with multiple children in a classroom/tutoring setting. Please do not sell, host, reproduce, giveaway, or store on any other site (including a blog, Facebook, 4Shared, Dropbox, etc.). Thank you! You May Also Like Let’s Connect! Blog: www.thisreadingmama.com Subscribe to my Newsletter: HERE TpT: /This-Reading-Mama Facebook: /thisreadingmama Pinterest: /thisreadingmama Twitter: @thisreadingmama Email: [email protected] U.S. Coin Pocket Cube Inserts www.thisreadingmama.com 1¢ 5¢ Mama Reading ©This www.thisreadingmama.com www.thisreadingmama.com 10¢ 25¢ www.thisreadingmama.com www.thisreadingmama.com 50¢ $1.00 www.thisreadingmama.com www.thisreadingmama.com U.S. Coins Inserts Nickel Penny Mama Reading ©This www.thisreadingmama.com www.thisreadingmama.com Dime Quarter www.thisreadingmama.com www.thisreadingmama.com Half Sacagawea Name Inserts Name - Dollar Dollar www.thisreadingmama.com www.thisreadingmama.com U.S.
    [Show full text]
  • Penny Infographic
    pennies WHAT IS THE COMPOSITION OF A PENNY? Did you know that pennies in the United States have been made from a variety of materials, other than copper? In the past, pennies were made of 100% copper and even steel, but pennies made in 1982 and later are copper-plated zinc. There also have been pennies containing various metallic mixtures of copper with other metals, such as nickel, tin and zinc. CURRENT COMPOSITION OF THE PENNY 97.5% 2.5% ZINC COPPER Zinc 30 Copper 29 Zn Cu 65.38 133 63.546 128 7.14 2 8.92 2,1 [Ar]3d104s2 [Ar]3d104s1 1183 2845 692.7 1358 2020 FUN FACTS ABOUT PENNIES 1965 The first penny, minted in 1793, was as big as a half CURRENTLY PENNIES ARE 1 dollar. That is why it was MADE OF COPPER-PLATED ZINC. called “large cent.” Once it was hard to tell a penny from a dime. During WWII, pennies were made of COPPER 2 silvery-colored steel making it easy to mistake a penny for a dime. Heads, it’s Lincoln; tails, it’s Lincoln. The Lincoln ZINC Memorial cent featured this beloved president on 3 both sides of the coin. One side has his face in profile; the other side has him seated in the Lincoln Memorial. In 1982, more Lincoln cents were minted than in any other year. 16.7 billion pennies were made, 4 which equals $167 million worth of pennies. REFERENCES www.cbsnews.com/video/the-history-of-the-penny/ www.history.com/news/10-things-you-didnt-know-about-the-penny www.usmint.gov/coins/coin-medal-programs/circulating-coins/penny www.usmint.gov/learn/kids/library/circulating-coins/penny flinnsci.com ©2020 Flinn Scientific, Inc.
    [Show full text]
  • Statement of Mark Weller
    STATEMENT OF MARK WELLER EXECUTIVE DIRECTOR AMERICANS FOR COMMON CENTS ON THE “FUTURE OF MONEY: DOLLARS AND SENSE” BEFORE THE HOUSE FINANCIAL SERVICES SUBCOMMITTEE ON DOMESTIC MONETARY POLICY AND TECHNOLOGY UNITED STATES HOUSE OF REPRESENTATIVES NOVEMBER 29, 2012 1301 K Street, Suite 600, East Tower, Washington, D.C. 20005 ph (800) 561-7909 fax (202) 408-6399 www.pennies.org Mr. Chairman and Members of the Committee, my name is Mark W. Weller and I am Executive Director of Americans for Common Cents. Thank you for inviting our organization to appear at this hearing. I am pleased to submit testimony today concerning the one-cent coin, the use of alternative metals in our coins, and the importance of the penny to America’s economy and culture. Americans for Common Cents (ACC) was established in 1990 to conduct research and provide information to Congress and the Executive Branch on the need to retain the penny. Our organization is broad-based and comprised of, and endorsed by, many of the nation's leading coin and numismatic organizations, charitable organizations that benefit from penny donations, and companies involved in the manufacturing and transport of the penny. It continues to be prudent to look at ways to make our coins less expensively, and we applaud this subcommittee’s work in 2010 directing the Department of Treasury to review the metallic content of our coins. However, in doing so, we need to ensure that Congressional and Mint discussions about alternative metals not become the pretext for an ill-considered decision to remove the penny from circulation.
    [Show full text]
  • The Future of the Penny in Canada
    The Future of the Penny in Canada Market Study of Implications September 2007 Prepared for: Royal Canadian Mint and Department of Finance Prepared by: Altitude Marketing Research (AMR) (AMR Project Ref #701) Table of Contents Page I. Management Summary Background and Objectives 2 Research Methodology 3 Summary and Conclusions 4 II. Detailed Findings and Research Commentary 1. Opinion Toward The Penny – For/Against 6 2. Attitudes Toward Using/Not Using the Penny 14 3. Pricing Implications 20 4. Managing the Penny Removal 25 Future of the Penny in Canada – August 2007 1 I. Management Summary Background and Objectives What is the case for/against removing the penny as a unit of currency? Background/Issues Declining purchase value Cost to the market of keeping it in circulation versus impact of removal International trends – Australia, New Zealand vs... The Yen equivalent... “no sign of any moves” The U.S. cent............ “sacrosanct” Objectives/Need to Know #1: What is public opinion on the issue...The Canadian Consumer? #2: What is the Business perspective – Small Retail (as most likely affected) vs. Large Retail and Key Stakeholders? #3: What do Consumers/Business think about pennies/using them? #4: What would be the impact if the penny removed (e.g. pricing)? #5: What are the action implications for RCM/Finance if penny removed – notification, lead times, implementation, communication? Future of the Penny in Canada – August 2007 2 I. Management Summary Research Methodology Sources of Feedback Consumers Nationally representative sample of 1,500 Canadians aged 16 plus. (Follow-up sample of 233 Coin Accumulators – see Section 5) Business Cross section of 250 Small Retailers (Fast Food, Coffee Shops, Restaurants, Grocery, Gas).
    [Show full text]
  • Money Song and Bookmark
    ©Amanda’s Little Learners ABOUT THE PRODUCT I hope your students enjoy using the activities in this freebie to learn about money! Includes a song poster and bookmarks to remind students of the coin values. TEACHER PREPARATION These pages can be printed on cardstock and laminated for durability! Money Melody Penny, penny easily spent Copper brown and worth one cent! Nickel, Nickel thick and fat You’re worth 5 cents, I know that! Dime, dime little and thin I remember you’re worth 10! Quarter, quarter big and bold You’re worth 25, I am told! Money Melody Penny, penny easily spent Copper brown and worth one cent! Nickel, Nickel thick and fat You’re worth 5 cents, I know that! Dime, dime little and thin I remember you’re worth 10! Quarter, quarter big and bold You’re worth 25, I am told! Money Memory Money Memory Sheet Sheet Quarter Quarter 25¢ 25¢ Dime Dime 10¢ 10¢ Nickel Nickel 5¢ 5¢ Penny Penny 1¢ 1¢ Money Memory Money Memory Sheet Sheet Quarter Quarter 25¢ 25¢ Dime Dime 10¢ 10¢ Nickel Nickel 5¢ 5¢ Penny Penny 1¢ 1¢ You might also enjoy these products! THANK YOU! Thank you for choosing this item for your classroom! If you have any questions or comments, please send me an email at [email protected]. I try to be fast to respond and make quick fixes! TERMS OF USE This product license is for one classroom. You may not share this file with others or post on any website. If you would like to pass along this freebie to others, please send them the link to the product so they can download it! LET’S CONNECT EXPLORE MY TPT STORE Click an icon to be taken to that section! LEAVING FEEDBACK Please remember to leave feedback on this item.
    [Show full text]
  • Canadian Money
    Canadian Money Grades 1 to 2 Written by Leanne Howse Learning how to count money is an important skill as we need money to buy some of our favourite things! This resource is packed with worksheets and activities that allow students to practice important concepts involving money to meet expectations of the grade 1 and 2 Ontario Mathematics Curriculum. Concepts covered include: identifying Canadian coins and their value; representing money amounts in one or more ways; counting on to find the total value of a collection of coins; adding and subtracting money amounts; solving problems involving money. Assessments that can be used at the end of the math unit are included for each grade along with a marking rubric. Leanne Howse has been teaching since 1999. Although she has had experience in all elementary grades, she has found true joy in teaching primary students. She currently teaches grade 1/2. Although teaching is her passion, she enjoys creating resources that other teachers can use in their classrooms. She resides in Delhi, Ontario with her husband and 2 children. Copyright © On The Mark Press 2015 This publication may be reproduced under licence from Access Copyright, or with the express written permission of On The Mark Press, or as permitted by law. All rights are otherwise reserved, and no part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, scanning, recording or otherwise, except as specifically authorized. “We acknowledge the
    [Show full text]
  • Lesson Plan 6
    Theme: Length: Service Industry Fundamentals 3 hours Topic: Target Audience: Numeracy CLB 4 - 5 Document Use Currency Lesson Objective(s)/Task(s): Students will compute and respond to questions from typical workplace documents Students will appraise questions regarding basic numeracy skills Students will acquire and demonstrate fluency with Canadian currency Students will read about, discuss, and apply basic dealings with cash purchases, sales, and refunds Students will respond to a quiz on currency names, values, and totals Learner Outcome(s): By the end of this lesson, students will be able to… Reading Follow instructions in about 6 steps in sequenced order (4) Get information from simply formatted charts and schedules (4) Understand moderately complex texts in practical and relevant work related situations (5) Understand main ideas and some details of a text 2 – 3 paragraphs in length (5) Resources and Materials: Word Document “Document Use Indicator” (12 pages) Word Document “Numeracy Indicator” (7 pages) Canadian Currency PowerPoint Activity Timing Possible Roadblocks & Solutions 1. Instructor greets students and goes over any 5 – 10 minutes questions or homework from the previous day 2. Document Use Indicator 1 hour 15 minutes There may be a Instructor explains that today’s class will focus significant amount of on reading charts, word problems, documents and new vocabulary in this currency exercises which aid in workplace document. Instructor competency should choose how much Instructor hands out Document Use Indicator to go over as questions and arranges class into pairs or small groups. come up in pairs and how Groups go through the document together, not much to go over with the only answering the questions but also highlighting entire class, balancing the unknown words or concepts, discussing them, and time with the amount of asking the instructor to aid in comprehension as work to get through necessary.
    [Show full text]
  • Activity 1: History of Canadian Money and Crossword [PDF]
    MODULE 1: Money—Earn it! Session 1: Introduction and expectation setting Reading: History of Canadian Money Source: www.thecanadaguide.com/basics/money From the 1800s to Today In early Canadian history, people in Britain’s Canadian colonies used a variety of different currencies to buy things, including British pounds, American dollars, Spanish pesos, and even unique colonial currencies made by local banks and governments. In 1867, the new unified Canadian government gained exclusive constitutional power over currency, and in 1870 it used this power to pass the Dominion Notes Act (now known as the Currency Act) which made the Canadian Dollar ($) the official currency of Canada. A Canadian dollar is made up of 100 Canadian cents (¢). Originally tied to value of the British pound, and then the price of gold, since 1931 the Canadian dollar has been a so-called “free-floating” currency with a value determined by the international marketplace. Like most advanced countries, Canada also has a national bank, known as the Bank of Canada, that has the power to both print and buy currency in order to help control the currency’s value. In the opinion of the International Monetary Fund, the Canadian dollar is one of the world’s seven reserve currencies known for its stability and reliability even in times of economic uncertainty. Loonie (one dollar) The Loonie is a large coin made of gold-coloured nickel. There used to be a one-dollar bill, but it was phased out in the 1980s. The coin is called a “Loonie” because it has a picture of a loon, the national bird of Canada, on it.
    [Show full text]
  • Guinness World Records 10For10
    GUINNESS WORLD RECORDS – 10 FOR 10 MEDIA KIT Media Contact Blaine Penny, CEO, MitoCanada Email: [email protected] Mobile: 403-998-6080 About MitoCanada The MitoCanada Foundation is a registered charity formed in 2010 by a group of passionate Canadian patients, family/caregivers, and friends whose previously happy, healthy children were given a diagnosis of mitochondrial disease. Not willing to be victims of such overwhelming twists of fate, these individuals set out to find solutions that would transform the outlook for their children and to help others living with, or at risk of developing, mitochondrial disease cope and find hope in each day. MitoCanada relies on the generous support of our volunteers, donors, and partners to help fulfill our mission to transform the outlook, quality of life and sense of community for people impacted by mitochondrial disease through education, awareness, support and funding transformational research. Until a cure is found, we are facilitating a future where Canadians impacted by mitochondrial disease feel inspired, empowered and supported. More info: http://mitocanada.org/ Event Background MitoCanada is celebrating its 10-year anniversary in 2020 and has an audacious goal of setting 10 Guinness World Records (GWR) to commemorate the milestone to raise awareness and funds for mitochondrial disease. In previous years, MitoCanada has set 12 GWR’s (running) and has used GWR’s to capture the public’s attention to raise awareness and put mitochondrial disease on the map. A list of records completed to date can be found here: https://mitocanadafoundation.box.com/shared/static/6plc23hk8zl8wuq1gpmfkzdkejuaarz2.pdf MitoCanada will be attempting a variety of records including: - Running in Costumes - dressed as a fireman, leprechaun, paramedic, and awareness ribbons - Running as Teams - linked together, handcuffed, 3-legged, siblings, married couple, father- daughter - 24 hour records - for most distance run dribbling a basketball, and most landmarks illuminated.
    [Show full text]
  • The Costs and Benefits of Canada's One-Cent Coin to Canadian Taxpayers and the Overall Canadian Economy;
    THE COSTS AND BENEFITS OF CANADA’s ONE-CENT COIN TO CANADIAN TAXPAYERS AND THE OVERALL CANADIAN ECONOMY Report of the Standing Senate Committee on National Finance The Honourable Joseph A. Day, Chair The Honourable Irving R. Gerstein, Deputy Chair (until December 1, 2010) The Honourable Richard Neufeld, Deputy Chair December 2010 Ce rapport est aussi disponible en français *********************** Available on the Parliamentary Internet: www.parl.gc.ca (Committee Business – Senate – Reports) 40th Parliament – 3rd Session TABLE OF CONTENTS MEMBERS .............................................................................................................................................................. i FOREWORD ......................................................................................................................................................... ii ORDER OF REFERENCE ................................................................................................................................ iii SUMMARY OF RECOMMENDATIONS ...................................................................................................... iv PART ONE – INTRODUCTION ............................................................................................................. 1 BACKGROUND .................................................................................................................................................... 1 GOVERNANCE OF CANADA’S COINAGE SYSTEM ...............................................................................
    [Show full text]
  • 100Th Anniversary of the Canadian Penny
    Economic Viewpoint April 9, 2008 www.desjardins.com/economics April 9, 2008 100th anniversary of the Canadian penny Follow-up to the study "Should We An opportunity to re-examine the usefulness Stop Using the of our coins and bank notes in circulation Penny?" SUMMARY In February 2007, the study published by Desjardins Group’s Economic Studies concluded that the penny should be retired as quickly as possible. The study sparked interest among Canadians, in the print and electronic media and even abroad. The innovative approach used, which involved estimating the costs for society as a whole by totalling the costs incurred by the different economic agents, was favourably received by experts. The penny’s 100th anniversary, on January 2, prompted us to further our thinking in this regard, but also on all Canadian denominations (coins and bank notes). Since our study was released, the Royal Canadian Mint (RCM) published its 2006 annual report in May 2007, which shows that the production of coins in Canada rose sharply in 2006, i.e., from 1.5 to 2.2 billion pieces. In our view, this dramatic surge in production reflects the fact that Canadians increasingly hoard low-denomination coins rather than use them to pay for their cash purchases. This is particularly true for the penny whose annual production rose 51% in 2006, from 767 million to 1,160 million pieces. Due to the hoarding phenomenon—stockpiled coins that serve no productive purpose— merchants and financial institutions routinely need new coins for the retail distribution system. In fact, due to the resulting strong "artificial" demand, the RCM must produce more Canadian coins and cannot free up some of its production capacity to produce more lucrative foreign coins.
    [Show full text]