Mr. Speaker, today we say goodbye to the penny. For years they collected in jars on our dressers, demanding too much time for too little return of our small business owners and retailers. That is why, as of today, the Mint will no longer distribute the coins, saving taxpayers $11 million a year.
To ensure a smooth transition, we have worked with retailers and small businesses on a national awareness campaign and we have encouraged Canadians to donate their pennies to charity as they so generously continue to do so.
With this transition, Canada will adopt a straightforward rounding system like Australia, New Zealand, Sweden and others, which have all successfully eliminated their pennies. By rounding cash transactions to the nearest nickel, we will save both businesses and consumers time and trouble in the checkout lines.
Consumers should remember that these rules only affect cash payments and that pennies will retain their value indefinitely.