Plan to eliminate Canadian penny endorsed

One-cent coin costs 1.5 cents to make.

A Senate committee is recommending the elimination of Canada's one-cent coin.

You may soon be penniless, but you’ll probably enjoy it.

A Senate committee’s recommendation to eliminate Canada’s one-cent coin 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

Surrey council approves modular housing projects for homeless after lengthy hearing

Vote comes after three-hour-long public hearing over supportive housing projects in Whalley, Guildford

Surrey mayor appoints his Safe Surrey Coalition to police transition committee

McCallum dissolved the city’s public safety committee last week in favour of the new committee

Rollover crash in South Surrey

One person airlifted following incident near 40 Avenue and 160 Street

VIDEO: Gone Country success means so much to cancer patient

Mother of three, recovering from breast cancer treatment, makes it to seventh annual charity concert

PHOTOS: Beach day in White Rock

Summer heat brings locals and tourists to the beach

VIDEO: Young couple found dead in northern B.C. had been shot, police say

Chynna Noelle Deese of the U.S. and Lucas Robertson Fowler of Australia were found along Highway 97

Hazmat incident closes down Lower Mainland street

One person is believed to be dead, police said

VIDEO: Man found dead near B.C. teens’ truck could be linked to a double homicide

RCMP said they are looking for Kam McLeod, 19, and Bryer Schmegelsky, 18, of Port Alberni

Latest plan is to fly trapped fish by helicopter over Big Bar slide

Multi-pronged plan set in motion to freesalmon blocked by landslide in the Fraser River

Family of missing B.C. senior with dementia frustrated with situation, heartened by community support

Nine days since Grace was last seen the question remains: ‘How can an 86-year-old just disappear?’

Unsealed record suggests U.S. man convicted of murdering Vancouver Island couple left DNA on zip tie in 1987

William Talbott is set to be sentenced Wednesday in the murders of Jay Cook and Tanya Van Cuylenborg

Okanagan Air Cadet challenges gender-exclusive haircut policy

Haircut regulation inspires challenge around gender identity

Pride flags stolen from Lower Mainland church

Went missing sometime Friday night, says Maple Ridge reverend

25 new wheelchair-accessible cabins open at Cultus Lake Provincial Park

Maple Bay Campground is now home to 25 new wheelchair friendly cabins, a first for BC Parks

Most Read