Canada begins phasing out penny Feb. 4

02/01/2013 11:57 AM

02/01/2013 12:27 PM

Next week Canada will take another step in phasing out its penny.

After Monday, Feb. 4, the Royal Canadian Mint will stop distributing Canadian pennies. Canadian businesses handling cash transactions are being encouraged to round transactions to the nearest nickel. Transactions paid for by check, credit card or debit card won't be subject to rounding, according to a news release from the Royal Canadian Mint.

Pennies still can be used in cash transactions with Canadian businesses that choose to accept them.

The elimination of the penny is expected to save Canadian taxpayers around $11 million a year.

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