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City to round off cash transactions to nickel

The City of Red Deer will round off cash transactions to the nearest nickel increment beginning on Feb. 4.

Rounding will only occur for cash transactions after GST calculation. Debit, credit and cheque transactions won’t be affected.

Rounding will occur at city facilities and departments such as City Hall, recreation facilities and arenas, Archives, Culture Services, Transit, RCMP and Alto Reste Cemetery.

No net financial gains or losses are expected.

The city will follow federal rounding guidelines of going up or down to the nearest five-cent increment.

Those guidelines were released last year when the federal government announced Royal Canadian Mint would stop making the penny on Feb. 4 because of the rising cost of production, increased accumulation of pennies by Canadians, environmental considerations and the significant handling costs the penny imposes. Eliminating the penny is expected to save the nation $11-million a year.

More information is available at www.reddeer.ca.

 
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