(Canadian) Federal budget kills the penny, cuts CBC spending [View all]
Source: National Post
OTTAWA — The Conservative government tabled a pro-business budget on Thursday that also includes changes to Old Age Security, the death of the penny, cuts to the civil service and the CBC, but continued spending growth, too.
The budget was clearly a non-election year offering, lacking obvious vote-getting nods to families and interest groups and instead heavy on changes that promote research and development and will appease businesses — especially those in the resource sector, where the government announced a streamlined “one project, one review” approval process.
(snip)
Mr. Flaherty’s budget will affect Canadians in their everyday life, beyond planning for retirement and outside their workplaces. As of June 1, 2012, travelers visiting the United States for more than 24 hours can bring home $200 worth of goods rather than the current $50, and a 48-hour-plus trip means bringing home upward of $800 in purchases — double the current exemption limit.
The Royal Canadian Mint will no longer make pennies as of this fall, with Mr. Flaherty calling the penny a “currency without any currency” that costs more than a penny-and-a-half to make. He suggested Canadians donate their stockpiled pennies to charity.
Read more: http://news.nationalpost.com/2012/03/29/budget-2012-federal-canada/
Much more at the link.
Is it time for America to rethink the penny too?
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