Tag: penny

The iconic maple leaves have appeared on the penny since 1937. Image: Jerry "Woody"
News

Distribution Of Canadian Penny Ends

The penny has been dropped from Canada’s currency.

On Feb. 4, the Royal Canadian Mint stopped sending pennies to banks and businesses.

The government decided that pennies cost too much to make and distribute. They estimate the country will save about $11-million by eliminating the penny.

Without a one-cent coin, many business transactions will change.

The Canadian government told businesses they can “round” cash sales to the nearest five-cent mark.

Canadian penny; Image: Royal Canadian Mint
Lighter News Politics

A Penny Saved Is A Penny Spurned

The Canadian penny will soon be a thing of the past—like the Canadian one-dollar and two-dollar bills. The loonie and the toonie replaced those bills in 1987.

In its last budget, the government said the Royal Canadian Mint will stop making pennies starting this Fall, and that stores will stop using them.

Everyone is asked to return their pennies to a bank; they will be melted down and recycled.

Pennies will always be worth one cent. However, there will be fewer and fewer of them out there as the years go on.

Any prices that don’t end in a zero or a five (in other words, purchase we can use nickles, dimes or quarters for) will be rounded up or down to the nearest zero or five.

A man's dress shoe
Breaking News News Politics

Canada’s Plan To Balance Its Budget By 2015

Last week Canada’s Finance Minister, Jim Flaherty, spent $138.98 on a new pair of black dress shoes.

Why? Because he was announcing a new budget.

Flaherty is in charge of presenting Canada’s budget, which is why he bought the new shoes.

It’s a tradition in Canada that the Finance Minister wears new shoes to present the budget.

According to Wikipedia no one really knows why, but it’s something most Canadian Finance Ministers have done since the 1960s. It’s a tradition.

This year, the federal government structured its budget to reduce Canada’s annual deficit to zero by 2015.

A deficit happens when a government spends more than it collects in a year.