The Home Depot prepares for phaseout of penny in Canada

The Home Depot Canada has joined other Canadian retailers in complying with the government's planned phaseout of the penny.

However, the retailer noted that many Canadians were unaware of the phase-out, and wanted to ensure its customers that it is doing its best to inform them of the change. As of Feb. 4, the penny will no longer be in circulation. 

The Home Depot Canada said it wants its customers to know that after this date, anyone shopping at its stores using cash, will have their total rounded down to the nearest nickel. In addition, if a customer makes a cash return to the store, it will always round up to the nearest nickel. The Home Depot feels it's vital to continually meet the needs of its customers.

 "The Home Depot Canada is passionate about customer service and lives by its core values, including doing the right thing," said Vinod Nalajala, senior director of Canadian Operations. "Always rounding down on sales and up on returns is one more way we are committed to delivering value to our Canadian consumers."

To prepare associates and customers for the change, The Home Depot Canada ran a number of pilots across the country in January. Full implementation across all 180 stores will begin on Feb. 4.