The country officially ended distribution of the Canadian penny today. With approximately six billion pennies in circulation, the mint estimates that it will take 3-4 years for the pennies to come out of circulation (remember the $1 bill?)
Retailers will now have to round Wround the final cash purchase price up or down. Debit/Credit purchases will remain the same. For example, something costing $1.01 or $1.02 will go down to $1 while a bill of $1.03 or $1.04 would go up to $1.05.
The government is expected to save $11 million a year with the discontinuation of the penny, which actually costs 1.6 cents to produce. [THEPROVINCE]