Postmedia News December 13, 2010
OTTAWA — The Senate’s finance committee is to introduce its recommendation on Tuesday on whether the country should abandon the penny, with media reports suggesting the one-cent coin will be discarded.
In April, the committee was charged with investigating the penny’s usefulness, with the coin characterized by some as no longer necessary to the modern economy because the cost to produce it exceeds its financial value. During hearings held in October, representatives from the Bank of Canada, a number of industries, consumer groups, and charities all told the committee that they wouldn’t miss the penny if it were discontinued. A Canadian Press report on Monday night, attributed to unnamed sources, said the committee was set to recommend just that, citing evidence that over time, inflation has rendered the penny needless. New Zealand and Australia have ditched their pennies, and New Zealand has even abandoned its five-cent piece. Neither country experienced much in the way of economic fallout afterward.
OTTAWA — The Senate’s finance committee is to introduce its recommendation on Tuesday on whether the country should abandon the penny, with media reports suggesting the one-cent coin will be discarded.
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