Finance
February 1, 2013

Public Advisory: Province to Follow Federal Government Guidelines for Phasing Out Penny

In response to the phasing out of the penny as of February 4, 2013, the Provincial Government will follow guidelines for cash transactions as set out by the Federal Government.

The Provincial Government will follow these guidelines for cash transactions for government services, such as taxes charged on vehicles from private sales, some hunting license fees, some commercial electrical permits, and others. Electronic payments (credit card, debit card, direct deposits, etc.) will continue to use exact amounts.

If pennies are not available, Provincial Government offices will round up or down as follows:

• 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 .10

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Media contact:
Tansy Mundon
Director of Communications
Department of Finance
709-729-6830, 693-1865
tansymundon@gov.nl.ca

2013 02 01                           10:20 a.m.