Retail Council of Canada applauds Minister Flaherty for extension of date to eliminate penny

TORONTO, July 31, 2012 /CNW/ - Retail Council of Canada (RCC) fully supports yesterday's announcement by Finance Minister Jim Flaherty of an extended transition date for the elimination of the penny.

"Minister Flaherty has now provided retailers and consumers time to adapt to the elimination of the penny, without disrupting customer service," said Diane J. Brisebois, President and CEO, RCC. "This move is most welcome, as it will prevent chaos at the cash register and consumer frustration during the holiday season, which is the busiest time of year for most retailers."

The federal government announced in March that the penny would be withdrawn from circulation as part of the Economic Action Plan 2012.  While RCC continues to support the policy intent behind the initiative, it has represented a challenge for Canada's largest industry.

Shortly after the announcement, RCC began working with its small and large members across Canada and officials in the Department of Finance to identify issues and suggest methods to ease the transition for both retailers and consumers.

In order to prepare for the elimination of the penny, retailers need to make necessary changes at point of sale in order to accommodate the proposed new rounding regimes and to ensure that consumers are fully aware of the changes.

"We are very pleased that the Minister has listened to our requests and has announced February 4, 2013 as the transition date," said Brisebois.

About Retail Council of Canada:

Retail Council of Canada (RCC) has been the Voice of Retail in Canada since 1963. We speak for an industry that touches the daily lives of Canadians in every corner of the country - by providing jobs, career opportunities, and by investing in the communities we serve. RCC is a not-for-profit, industry-funded association representing more than 45,000 store fronts of all retail formats across Canada, including department, specialty, discount, and independent stores, and online merchants. RCC is a strong advocate for retailing in Canada and works with all levels of government and other stakeholders to support employment growth and career opportunities in retail, to promote and sustain retail investments in communities from coast-to-coast, and to enhance consumer choice and industry competitiveness.

SOURCE: Retail Council of Canada

Sally Ritchie
VP Communications and Marketing, RCC
416 922-0553 ext. 228
1 888-373-8245
416 574-2552 (Mobile)
[email protected]