I was in Canada over the summer and had forgotten that they’d done away with the penny — until, that is, I was trying to figure out why I got short-changed in a store, which blithely rounded up the cost of my purchase and cheated me out of a few cents.
But then I remembered…
Coz what do you do when it costs more to make a penny than the value that’s ascribed to it? (Phasing them out is estimated to save the Canadian taxpayers $11 million per year!) Continue reading “Creative Accounting”