6 years ago
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Canadian grocers make $3.27M per year from penny-rounding, finds 19-year-old economics student
According to a research conducted by third-year economics and mathematics student Christina Cheng, Canadian grocers are making $3.27 million per year from penny-rounding. In 2012 Ottawa announced its plan to phase out coppers coins, as a result, cash purchases are now rounded up or down to the nearest five-cent increment. Christina Cheng is a young researcher at the University of British Columbia.She liked to know the real beneficiary and started to investigate in her spare time.
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"...with each store standing to collect $157 per year"
I know it's technically a profit, but this is pretty close to zero.