When A Penny Is Worth A Nickel
TORONTO, Feb. 1, 2013 /CNW/ - In 2012, the Federal Government announced
that the penny would be phased out of circulation. The Home Depot
Canada carefully reviewed the phase out requirements based on its
values, associate input and consumer needs.
According to a recent poll commissioned by The Home Depot Canada, 88 per
cent of Canadians don't know that the penny is being phased out of
circulation on February 4, 2013 and 41 per cent don't know what
retailers are doing to manage this change.
The Home Depot Canada wants its customers to know that after this date,
anyone shopping at its stores using cash, will have their total rounded
down to the nearest nickel. In addition, if a customer makes a cash
return to the store, it will always round up to the nearest nickel. The
Home Depot feels it's vital to continually meet the needs of its
"The Home Depot Canada is passionate about customer service and lives by
its core values, including doing the right thing," said Vinod Nalajala,
Senior Director of Canadian Operations. "Always rounding down on sales
and up on returns is one more way we are committed to delivering value
to our Canadian consumers."
Federal government guidelines for cash payments state businesses can
round, either up or down, to the nearest five-cent increment. A recent
Retail Council of Canada survey reports that more than 56 per cent of retailers plan on using the
voluntary government guidelines.
To prepare associates and customers for the change, The Home Depot
Canada ran a number of pilots across the country in January. Full
implementation across all 180 stores will begin on February 4, 2013.
Seventy-five per cent of Canadians surveyed believe The Home Depot's
policy is an approach to penny rounding that is fairer to the consumer.
Non-cash payments such as debit or credit cards will continue to be
settled to the cent.
Some other countries that have dropped pennies from circulation include:
Switzerland, the United Kingdom, Norway and Australia.
Visit the Department of Finance at: actionplan.gc.ca/penny or call 1 800 O-Canada.
Read the Retail Council of Canada survey
About The Home Depot Penny Poll
The Home Depot Canada commissioned Environics Research Group to conduct an online custom survey of over 1,000 Canadians ages 18 and
older. Responses were collected between January 25 and 28, 2013.
SOURCE Home Depot Canada