Province Responds to Phasing Out Penny

first_imgEffective Feb. 4, the federal government is phasing out the penny. Nova Scotians using cash to pay for government fees will be affected by the change. “Losing the penny will be a transition for all Canadians,” said Finance Minister Maureen MacDonald. “We are taking the same approach as many other provinces and businesses by following federal guidelines for rounding cash transactions.” If pennies are not available, Access Nova Scotia centres and all other government offices, will round up or down as follows: Rounding guidelines apply to cash transactions only. Electronic payments will continue to use exact amounts. The penny will still be considered legal tender and will continue to be accepted for payment and offered as change, if available. Future changes to government fees and charges will end in five-cent increments. final amounts ending in .01 or .02 will be rounded down to .00 final amounts ending in .03 or .04 will be rounded up to .05 final amounts ending in .06 or .07 will be rounded down to .05 final amounts ending in .08 or .09 will be rounded up to .10last_img read more