Penny may be a thing of the past

You may soon be penniless, but you’ll probably enjoy it. A Senate committee’s recommendation to eliminate Canada’s penny will be welcomed by most people and businesses, predicts the Consumers Association of Canada.

  • Dec. 20, 2010 5:00 a.m.

You may soon be penniless, but you’ll probably enjoy it. A Senate committee’s recommendation to eliminate Canada’s penny will be welcomed by most people and businesses, predicts the Consumers Association of Canada.

“It won’t be a loss for consumers,” president Bruce Cran said. “As far as we’re concerned, this is taking place 20 years too late.”

Only people very sentimental about the penny will object to eliminating the one-cent coin, he said, while consumers and businesses will save time, effort and money by no longer having to handle it.

Cran noted eliminating the penny only affects coin transactions, which will be rounded to the nearest five cents.

Debit, credit and other electronic transactions can still be priced in one-cent increments as they are now.

A report of the Senate finance committee recommends production of pennies – which cost about 1.5 cents each to make – be halted as soon as possible and the one-cent coin be phased out over the following two years.

Helmut Pastrick, economist at Central 1 Credit Union, agreed killing the penny likely makes sense.

“I suspect it’s a coin that can probably go,” he said.

Canada would follow in the footsteps of countries such as New Zealand, Australia and Britain in eliminating the one-cent coin.

“The penny has simply outlived its purpose,” added Senator Irving Gerstein. “It is a piece of currency, quite frankly, that lacks currency.”

It’s estimated eliminating the penny will save the government and businesses at least $130 million a year.

Just Posted

Municipal spending outpaces population growth 4-fold in B.C.: report

Canadian Federation of Independent Business has released its annual operational spending report

B.C. parents leery of HPV cervical cancer vaccine

Provincial registration uptake among lowest in Canada

Yellowhead 4-H photography visits North Thompson Museum

The Yellowhead 4-H Club photography division was treated to a special opening… Continue reading

Chinook Cove golfers find it downright chilly on Ladies Night

By Leslie Stirling Fall was definitely in the air on Tuesday, Sept.… Continue reading

U.S. congressman issues dire warning to Canada’s NAFTA team: time is running out

Canadian Foreign Affairs Minister Chrystia Freeland is expected to resume talks with the U.S.

B.C. marijuana workers may face U.S. border scrutiny

Cannabis still illegal federally south of the border

New political party holds an informational session in Vernon

Maxime Bernier’s The People’s Party of Canada draws about 2o interested patrons to Vernon pub.

B.C. MLAs reminded of rural school struggles

Finance committee hears of falling enrolment, staff shortages

B.C. VIEWS: ’Not photo radar’ coming soon to high-crash areas

ICBC deficit now largely due to reckless and distracted driving

Researchers tag great white shark in Atlantic Canada

Information will be used to learn more about where white sharks move in Canadian waters

Mix-up of bodies leads to funeral home reforms in Nova Scotia

One woman was was mistakenly cremated, another was embalmed and presented to family members during a visitation that went horribly wrong

B.C. RCMP turn to Const. Scarecrow to shock speeders into slowing down

New addition will watch over drivers from a Coquitlam median for first-of-its-kind pilot in Canada

Cyclists finish North America trip to highlight Ukraine struggle

The 10,000 bike ride raised over $10,000 for victims of the war in Ukraine.

Most Read