Northern New York Newspapers
NNY Business
NNY Living
Sun., Oct. 4
Serving the community of Ogdensburg, New York
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Canadian dollar exchange rate drop not impacting mall shoppers


The Canadian dollar coin, the “loonie,” was worth $1.03 in September 2012, but has gradually decreased in value in the last 10 months. Despite the 95 cent value, Canadians can point to lower sales tax, better shopping deals, and lower gasoline prices as reasons to continue shopping in the north country area.

Emily Babb of Cornwall, Ont., frequently ventures to the St. Lawrence Centre for shopping.

“We’re here mainly every week. We get gas near the reservation because it’s a lot cheaper there. If you’re buying something big, you have to calculate how much it will cost to the dollar,” Ms. Babb explained.

Sales tax in Ontario is 13 percent, compared to a 7 percent sales tax in St. Lawrence County.

While the loonie is at 95 cents for now, it is expected to recoup losses in 2014, as the country’s domestic economy improves, based on a foreign exchange outlook by Scotiabank, one of Canada’s leading financial institutions.

St. Lawrence Centre Marketing Manager Ronald J. Patnode is far from concerned about the recent drop in value of the Canadian dol-


“It hasn’t had an impact so far. It’s not that much of a difference,” Mr. Patnode said.

He also explained how the shopping plaza has a decent amount of Canadian shoppers and that it has been consistently in the same range.

“We do it on a monthly basis. Based on (gathering information), 28 percent (of the shoppers) from June were Canadian, which is good for us. It’s been pretty consistent for us. We certainly enjoy our Canadian shoppers,” Mr. Patnode said.

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