Mr. Speaker, I am pleased to rise in the House to speak to Bill C-82, an act to replace the $2 bill with a coin.
As the parliamentary secretary just explained, this change would save the government some $12 or 13 million yearly for the next 20 years. This measure will save us money. In fact, as he explained, the production cost of a bill, which has a circulation life of about 1 year, is 6 cents; the cost of minting a coin, which has a circulation life of 20 years, is 16 cents. Hence, the savings of $250 million over 20 years.
However, the parliamentary secretary neglected to mention the costs, amounting to approximately $30 million, which will be associated with the new coin. There certainly is the potential for savings; that is the main reason the government tabled this bill. When it comes to that pursuit, the Bloc Quebecois has always striven to propose to the government ways of saving money. This is always practical, especially for a government facing a deficit.
Some businesses, in particular bus companies, also support this initiative because they are having problems with their money boxes. All those $2 bills tend to get stuck in the money boxes on buses. That is indeed a great problem, and perhaps one of the arguments in favour of replacing the bill with a coin.
We can talk about savings for the government and for the government only. That is where the savings end. Substantial costs will be associated with making the transition to the use of the coin.