The majority of Canada’s retail businesses are prepared for the disappearance of the penny and intend to use the federal government’s proposed rounding guidelines when it begins, according to a survey of small, mid and large retailers by Retail Council of Canada (RCC).
“On February 4, most of Canada’s retailers will be ready at the cash register to handle the phase out of the penny,” said Diane J. Brisebois, president and CEO, RCC.
The Canadian Mint stopped producing pennies in the spring of 2012. RCC advocated for the phase-out of the penny to be delayed until after the busy holiday season, and the government agreed.
On Feb. 4, the Mint will stop circulating pennies to financial institutions and will also be encouraging them to send back any pennies that they have on hand.
To answer questions pertaining to the penny phase-out, RCC has created a website “The Penny Stops Here.”
It contains frequently asked questions, such as how the government’s proposed rounding policy would work, and useful links for further information. http://www.retailcouncil.org/advocacy/national/penny.asp
Several national and local charities have created fundraising campaigns around the penny’s demise, in hopes of collecting the coins to support their programs.
Grand River Conservation Foundation
Consider turning all that old copper green by donating them to the Grand River Conservation Foundation to support local environmental projects throughout the Grand River watershed.
For more information about the Grand River Conservation Foundation, visit http://www.grcf.ca/.
Coins for Change
Coins for Change takes place at the Centre Wellington Community Sportsplex on May 4 and 5.
Put on by the Fergus and District Kinsmen and the Centre Wellington Kinettes the groups will collect enough change, of all Canadian coin denominations to completely cover the arena floor in a giant mosaic, in honour of the 20th anniversary of the same event by the Fergus club.
The giant coin mosaic is a fundraiser but also a goal to reach the Guiness Book of World Records.
Proceeds of the fundraiser will benefit three groups, including Cystic Fibrosis Canada, Groves Memorial Community Hospital and the Elma and David Jack Youth Recreation Fund, to assist financially-challenged youth with fees for Sports and recreation activities in Centre Wellington.
For more information or to make a donation contact 519-843-4852 or email coins.tng@gmail.com.
Canadian Tire Jumpstart
Canadian Tire Retail and Canadian Tire Jumpstart Charities will collect decommissioned pennies from customers.
Money raised through the campaign will help financially disadvantaged kids in communities across Canada participate in organized sport and recreation by removing the financial barriers that prevent children from participating.
One hundred per cent of the revenue from Jumpstart donation boxes in stores stays in the community where it was donated.
Since 2005, the program has helped more than 500,000 children participate in Sports and get involved in local activities.
Donations boxes are available in Canadian Tire stores across the country. The penny will retain its value, and retailers will continue to accept pennies, indefinitely. Customers can continue to pay with exact change at the cash or self check-outs.
For more information or to lend your support, visit Jumpstart.CanadianTire.ca.
Tim Horton Children’s Foundation
Every penny really does count for the Tim Horton Children’s Foundation. Each year, the foundation collects almost $1 million in pennies dropped into collection boxes at Tim Hortons restaurants across Canada.
The foundation is asking Canadians to give their remaining pennies a fond farewell by donating them to support kids in need across Canada with the gift of camp.
“These are children for whom we can effect positive change and a greater confidence about their future,” said Dave Newnham, vice president and executive director, Tim Horton Children’s Foundation.
The foundation operates six year-round camps across North America and has served more than 165,000 kids through its programs.
Children in communities across Canada are sponsored by Tim Hortons restaurant owners to attend one of three types of programs offered, including a traditional summer camp, a year-round camp serving schools and youth groups in the fall, winter and spring, and a five-level program focused on building lifelong leadership skills.
In 2012, more than 15,000 children attended their camps. More than 75 per cent of revenue generated by the Foundation comes from Camp Day activities and Tim Hortons coin boxes, with coin boxes at Tim Hortons counters and drive-thrus raising about $7 million annually.
