By Spencer Yarnell, Head of Spreading the Herd Word
The Canadian penny is on it’s last legs.
As you all probably know production of the penny has stopped. All purchases will be rounded to the nearest five cents and in time the penny will disappear from all but the most ardent of collectors’ possession.
The penny, the 1 cent counter will be gone… Except on payroll.
That’s right the penny lives on through payroll since employees’ pays are not viewed as a cash transaction. This means that like debit/credit cards and cheques, these transactions can still be settled down to the penny. Unfortunately (Or maybe fortunately depending on how your taxes fall) taxes on your paycheque will also be determined down to the penny so don’t expect any favourable rounding.
Obviously this all goes to shmuck if you’re one of the golden few who still pay employees or get paid, in cash. While I applaud your dedication to tradition and would just love to meet your book keeper (If he or she exists, and still has a thread of sanity) this new rule certainly doesn’t make your chosen road any easier as you will now have to round up or down and be out a few pennies one way or the other. The Canadian Payroll Association basically says tough luck . Maybe it’s time to switch to direct deposit?
For more info on the penny, see the CBC article here.
IBEX Payroll extends our profound respect and immeasurable gratitude to all the ancestors and keepers of the land on whose traditional territories our work takes place. We acknowledge that we are on Treaty 1 territory, the traditional gathering place of the Anishinaabe, Cree, Oji-Cree, Dakota and Dene people and the traditional homeland of the Métis people. This land is sacred, historical, and significant.
Every time we acknowledge this truth, we have an invitation and an opportunity to reflect on the wrongs of the past, what we do in the present, and what we can do to continually honour the people whose lands and water we benefit from today.
This statement only acts as a first step in honouring the land we reside on and its peoples, and must be paired with education, understanding and informed action.