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Vancouver Off-Topic / Current Events The off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.

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Old 03-29-2012, 12:34 PM   #1
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Budget 2012: No more pennies, increased US shopping exemption limit, etc.

Budget 2012: Tories kill the penny, cut federal spending for CBC | News | National Post

Yay infographics: http://www.theglobeandmail.com/news/...rticle2384109/

Summary:

Old Age Security gradually increase from 65 to 67 years old starting in 2023

No more new pennies made after this Fall

Increase in US purchase exemptions for 24hr+ and 48hr+ ($200 and $800, respectively)

Decrease in annual budget for CBC

There's more but I just skimmed it and those seemed like the biggest points for day-to-day life.
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Old 03-29-2012, 12:37 PM   #2
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So they are encouraging us to shop in the states? That's kinda... off message don't you think?
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Old 03-29-2012, 12:41 PM   #3
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- $5.2 billion in spending cuts.
- Public service pension contributions will eventually be split 50/50
- 19,200 public service jobs to be eliminated (most of which will be in Ottawa), 600 of them to be executive level positions
- Balanced budget by 2015/16
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Old 03-29-2012, 12:42 PM   #4
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If there are no more pennies, 5 cents will be the lowest increment?

Will all prices be rounded up or down to 5 cents?
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Old 03-29-2012, 12:44 PM   #5
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Sonick is a genius. I won't go into detail what's so great about his post. But it's damn good!
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Old 03-29-2012, 12:47 PM   #6
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Interesting... so eventually the lowest coin denomination we will be using in everyday transactions will be the nickel. So if it's $1.12, you round down to $1.10. If it's $1.13, you round up to $1.15. At least that's what I imagine it should be.
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Old 03-29-2012, 12:49 PM   #7
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I thought it was always $200 for 24 hours
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Old 03-29-2012, 12:50 PM   #8
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No more pennies.

Penny to disappear from coinage system, minting to end by fall: budget - Winnipeg Free Press
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Old 03-29-2012, 12:53 PM   #9
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I like the penny idea. They are useless and annoying.

We also need to implement our sales tax into the listed price. Pretty much the one thing I am NOT looking forward to when I arrive back in Vancouver after 6 months in Europe is adding tax to whatever the listed price is. Here the tax exists, but it's implemented into all the listed shelf prices of everything. It's great.
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Old 03-29-2012, 12:55 PM   #10
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I love pennies.

Cashier: "That'll be $1.78"

Me: *Gives a toonie and three pennies*

Cashier: *Looks confused*

Me: *Waits*

Cashier: *Shrugs, punches in register, gives me back a quarter*

Me:
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Old 03-29-2012, 12:56 PM   #11
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Time to collect one cent coins and melt them down for copper content, LOL.

Older coins, 'cause copper content is probably very low on newly minted coins.

BTW, Americans use pennies, we don't.
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Old 03-29-2012, 01:26 PM   #12
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Finally, good decisions being made up top
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Old 03-29-2012, 01:32 PM   #13
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cutting CBC's budget? Ugh..... I was hoping it would be increased.... Instead of more canadians aching CBC we'll have more and more watching CNN/FOX

hmm... Pushing Canadians to have more of a US mindset and encouraging us to go and shop there.... Making laws that reflect US laws..... Allowing US policing to have more feedom up here in Canada....... Geez people wake up to what Harpers doing
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Old 03-29-2012, 01:32 PM   #14
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Quote:
Originally Posted by GGnoRE View Post
If there are no more pennies, 5 cents will be the lowest increment?

Will all prices be rounded up or down to 5 cents?
The final price, after tax, will be rounded up OR down - but ONLY for cash transactions. $1.89 after tax will be $1.90 cash, whereas $4.86 will be 4.85 cash.

Here's an article talking about the penny's elimination:
The penny's days are numbered - Business - CBC News

Edit: One cent is still going to be the base unit of Canadian currency, so credit, debit & cheque transactions will still be to the $0.01.

If you're a real cheapskate, pay cash in all cases where they would round down to save a few cents!
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Old 03-29-2012, 01:38 PM   #15
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Finally less coins, now implement tax into the prices.
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Old 03-29-2012, 01:39 PM   #16
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hmm... Pushing Canadians to have more of a US mindset and encouraging us to go and shop there.... Making laws that reflect US laws..... Allowing US policing to have more feedom up here in Canada....... Geez people wake up to what Harpers doing
From what I remember my friend who works for the federal gov't said, I don't think the amount of revenue we get from taxing people at the border is very high. With a more appropriate limit, people are also less likely to hide what they're bringing back.

And this doesn't change anything about commercial importing, where they make a lot more revenue.

This will also allow border services agents to focus more on people who are bringing back illegal items and/or immigration issues, as opposed to the joe shmoe who was $20 over his limit.
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Old 03-29-2012, 01:45 PM   #17
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Quote:
Originally Posted by Gumby View Post
The final price, after tax, will be rounded up OR down - but ONLY for cash transactions. $1.89 after tax will be $1.90 cash, whereas $4.86 will be 4.85 cash.

Here's an article talking about the penny's elimination:
The penny's days are numbered - Business - CBC News
I'll pay in pennies every time I need to round up and leave my pennies if its rounded down ahahahah.... gonna be ballinggggg LOL I have enough pennies to last me a life time anyways
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Old 03-29-2012, 01:53 PM   #18
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so if you're buying something that ends with .03 .04 .08 .09 use credit card (just kidding)
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Old 03-29-2012, 01:57 PM   #19
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so if you're buying something that ends with .03 .04 .08 .09 use credit card (just kidding)
Seriously though, the move to digital currency (debit, credit cards, EFT and even checks for business to business) is beneficial to the government and all and all I suspect in the next 10 years we, a country that already has far greater plastic usage than most will see further pushes to do so and find cash and coins made increasingly inconvenient to facilitate that.
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Old 03-29-2012, 02:06 PM   #20
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Sucks. Meh.
So should we start buying a few rolls of pennies now? keep them with the $1 and $2 bills our parents have? penny stock anyone? penny for your thoughts??
ok im done.
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Old 03-29-2012, 03:58 PM   #21
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theres way too many pennies out there for them to be worth anything in the future
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Old 03-29-2012, 04:01 PM   #22
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^ You'd be surprised how much copper is worth.
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Old 03-29-2012, 04:08 PM   #23
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cutting CBC's budget? Ugh..... I was hoping it would be increased.... Instead of more canadians aching CBC we'll have more and more watching CNN/FOX

hmm... Pushing Canadians to have more of a US mindset and encouraging us to go and shop there.... Making laws that reflect US laws..... Allowing US policing to have more feedom up here in Canada....... Geez people wake up to what Harpers doing
Phase out the CBC. Well, taxpayer funding of it anyway.

We need to get lean. Every cut in spending affects someone. Somewhere, if the gov't is handing out the money, there is a fat slob suckling at the teat.

I don't let that affect me. We need to make the call of what is important to us, and kill the rest.
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Old 03-29-2012, 04:35 PM   #24
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from the mint, it costs about 2 cents to mint a penny, good riddence
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Old 03-29-2012, 04:42 PM   #25
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they won't be making anymore pennies, doesnt mean we can't use them still guys....
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