Yesterday’s federal budget included a plan to gradually phase out the penny. It’s one of the few parts of the budget I agree with.
I won’t rehash the arguments I made when a Senate committee first recommended getting rid of the penny. To summarize, consumers will gain a small benefit, psychological pricing techniques will likely result in price ending with 99 cents becoming a price ending with 95 cents, and the Royal Canadian Mint will no longer lose money by making it.
Getting rid of the penny is a good idea.