In an announcement that wasn’t too much of a surprise, considering the debate that has been surrounding it for the last few years, the Canadian government announced that it will be no longer minting pennies, starting this autumn. The move is meant to save money, and help prevent losses in the economy due to the [...]
For quite some time, it has cost more to make a penny than a penny’s face value — even though it’s been years since the penny was even made mostly of copper. The truth is that the penny has been causing the Canadian government to lose around $60 million a year. In order to cut [...]
Yesterday we delivered a brief to the Canadian Minister of Finance, Jim Flaherty, expressing our opinion that the penny ought to be abolished here in Canada. In December, the Senate Finance Committee decided to table a report about the penny and its decreasing value. Flaherty himself, according to CTV News, has called the penny a [...]
The Senate Committee on National Finance has just recommended that the Canadian government stop minting pennies “as soon as practicable” and to begin removing it from circulation a year later (and even help charities collect the pennies in circulation). The likely replacement would be something called “Swedish rounding”.
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