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Susan Munroe

The Penny's Days are Numbered

By December 31, 2012

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The penny isn't gone yet, but February 4, 2013 is the official date the Royal Canadian Mint will stop distributing pennies and you can say good-bye to the Canadian penny. We'll still be able to use pennies in cash transactions, but if they're not available then transactions will be rounded (up or down) to the nearest five cents.

Canadians pennies

All those people (I'm one) with jars of pennies stashed away will still be able to redeem them at banks. Of course we'll probably have to roll them all first, which is one of the reasons they haven't been turned in before now. Before you lug heavy pennies into a bank, it would be a good idea to ask them how they want you to handle redeeming them.

The government is encouraging Canadian charities to hold penny drives as fund raisers, and encouraging Canadians to contribute to them. However, they are also cautioning charities to consult their financial institution before starting any fundraising campaign in relation to the phase out of the penny. Individual financial institutions will be able to give advice on their procedures.

Photo: Pierre Desrosiers / Getty Images

See Also: Canadian Currency

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