Penny’s minting to end
The budget says the cost of minting a penny has risen to 1.6 cents or $11 million a year. Its purchasing power has fallen to a 20th of its original value.
“Some Canadians consider the penny more of a nuisance than a useful coin,” the budget documents said.
fake rolex If the customer has the pennies, they can use them. Payments with debit or credit cards, or cheques, can also be to the penny. But if the customer is paying cash and doesn’t have the pennies, the total will go up or down to the nearest nickel. For example, $1.02 will become $1 and $1.03 will be $1.05.
The budget said experience in other countries that have dropped low denomination coins suggests that rounding will be fair, and there will be no impact on inflation.
As for those jars, boxes and bags of pennies sitting in countless drawers across the country, the government suggests people donate them to charities.
The penny has been under fire for years. New Democrat MP Pat Martin has introduced private member’s bills over the years to kill it and expressed surprise at t fake rolex he budget measure.
“Nobody’s more surprised than me that I got something into a Conservative budget,” fake rolex he said.
Martin said the penny should have disappeared years ago.
“There’s 30 bill fake rolex ion pennies in circulation and every year they were minting a billion more,” he said. “It was just a no brainer, slam dunk, that it’s a place where we could save some money.