© The Canadian Press
The penny will soon become a thing of the past. — File photo
The Canadian Press — Montreal
A new survey says almost three quarters of Canadians still expect retailers to keep accepting pennies despite it being phased it out.
The Bank of Montreal survey also found that 59 per cent of Canadians expect small businesses to adjust prices in consumers’ favour.
However, two-thirds of those surveyed say they currently pay for their daily purchases with a debit or credit card.
Electronic transactions, such as those on debit cards or credit cards, would still be registered in cents.
The Royal Canadian Mint started collecting one-cent coins earlier this month for melting and recycling of the metal content, with some six billion pennies expected to be surrendered by Canadians over the next six years.
Finance Minister Jim Flaherty announced the surprise demise of the one-cent coin in last year’s budget, saying the penny had become a nuisance.
While the Mint officially ended its distribution of one-cent coins to Canada’s financial institutions, businesses can still accept the pieces as long as they choose.
Retailers who decide to no longer accept pennies as part of cash payments will have to round up or down consumer purchases to the nearest five cents.