Canada removing pennies from circulation. changing retirement age, + more

[MonitorPooptarts]

http://www.montrealgazette.com/busin...456/story.html

According to this article it will save $11 million/yr which looks large but is only a small drop in the bucket. Still, though, every penny counts! (Yeah I'm hilarious.) I know Australia already does this. I wonder if other countries will follow?

Age of retirement has moved from 65 to 67, which has some people upset. I'm not sure if this is done to reflect improvements in healthcare? I would assume so.

I'm sure we will hear more opinions about these changes soon.

[Dr. Drakken]

How is this going to impact prices though? I would assume prices would go up. Ex: 19.99 will go to 20 instead of 19.95. That's just a little bit, but over time that would add up to a lot.

[monicaacinom]

How is this going to impact prices though? I would assume prices would go up. Ex: 19.99 will go to 20 instead of 19.95. That's just a little bit, but over time that would add up to a lot.

I doubt prices will go up at all. People will start pricing things at $19.95 because customers are more likely to be something at $19.95 than at $20. Even if everything currently priced at $20 did go up, it's going to take a long time for it to add up to any substantial amount (and you'd probably purchase less at any rate due to the fact that $20 looks like more money than $19.99).

[Dr. Drakken]

I doubt prices will go up at all. People will start pricing things at $19.95 because customers are more likely to be something at $19.95 than at $20. Even if everything currently priced at $20 did go up, it's going to take a long time for it to add up to any substantial amount (and you'd probably purchase less at any rate due to the fact that $20 looks like more money than $19.99).

Well what about those things that are randomly priced at like, 1.57? That doesn't really have an effect, does it? I just used the 19.95 as an example. But like, if something is normally priced at 1.57, you could take it up to 1.60 and nobody (unless they knew the price beforehand somehow) would know that it was raised. You could easily assume that it was originally 1.62 and think that they decreased it.

I really don't know much about economics, that's why I'm asking.

Also, (not sure if Canada even has this, I'm just assuming) how is this going to change sales tax? For example, in PA sales tax is 6%, but if PA got rid of pennies, but something was priced at 20.50, then the sales tax would be 1.23. How would you pay that?

[EnderWiggin]

Also, (not sure if Canada even has this, I'm just assuming) how is this going to change sales tax? For example, in PA sales tax is 6%, but if PA got rid of pennies, but something was priced at 20.50, then the sales tax would be 1.23. How would you pay that?

based on this (i didnt read the link gabby posted),

The Finance Department recommends businesses cope with the demise of the penny by rounding off the value of cash transactions to the nearest five-cent increment. This would take place after tax has been added to the price.

not a fan of the conservative government or the budget they released tbh. their budget cuts mean that i get to compete in the job market with ~20 000 civil servants that have masters and 2+ years work experience.. sweet. obviously thats just me being overdramatic and hating on the conservative government,

[Idioteque]

another random canada thing-ontario recently legalized brothels. hmm.

[Dr. Drakken]

based on this (i didnt read the link gabby posted),



not a fan of the conservative government or the budget they released tbh. their budget cuts mean that i get to compete in the job market with ~20 000 civil servants that have masters and 2+ years work experience.. sweet. obviously thats just me being overdramatic and hating on the conservative government,

Oh, okay, interesting. So it could either save you a few cents or charge you a bit more. Thanks for posting that!

[MonitorPooptarts]

another random canada thing-ontario recently legalized brothels. hmm.

haha that should have its own separate thread! i considered making one when it first heard about it was probably too lazy. it's great that brothels are able to hire security guards and have safety in numbers at the brothel. it is an incredible step in the right direction and i think it shows how great canada is despite the awful Harper Government. however the backlash that i've heard is it does little to protect the people who are most at risk, and that is the street workers. the ones who are so broke they can't afford to be a part of a brothel. aborigines and transexuals have it the most rough is what i have gathered. i hope that things continue to change and become better! vancouver has kept insite and another few have been talked about, so that was another win for canada!

the cutbacks made in the budget may or may not be a win. i have friends who are furious that katimavik's budget is being slashed but i kind of agree with what they're saying - it's a ton of money for very few people who get to experience it. one of my best friends went and she absolutely loved it and it was great for her, so i can understand why she's upset. but that money could be spread out more evenly.

[Idioteque]

haha that should have its own separate thread! i considered making one when it first heard about it was probably too lazy. it's great that brothels are able to hire security guards and have safety in numbers at the brothel. it is an incredible step in the right direction and i think it shows how great canada is despite the awful Harper Government. however the backlash that i've heard is it does little to protect the people who are most at risk, and that is the street workers. the ones who are so broke they can't afford to be a part of a brothel. aborigines and transexuals have it the most rough is what i have gathered. i hope that things continue to change and become better! vancouver has kept insite and another few have been talked about, so that was another win for canada!

i agree, it seems like a good step. people are going to be out partaking in the world's oldest profession no matter what. the government might as well protect them (at least some of them.)

[kayt]

pennies are so annoying and useless to me. i never actually use them and i just end up throwing them in the piggy bank. i also find them on the ground all the time, LOL

and lol @ ontario legalizing brothels. a good point though, i just love the way they worded it lol .. FINALLY a safe environment.