Posted 12/20/2012 2:41 pm
While I agree with CC-Ottawa above, the 2012 Economic Action Plan and the Department of Finance's "Phasing out the Penny" web page does say that, "The estimated savings for taxpayers from phasing out the penny is $11 million a year."
They don't refer to production costs and the reader would assume that the $11 million would be net of any additional costs incurred to phase out the penny.
Leaving out the $7 million costs for 6 years is significant.
However, even with those costs included it is still a net savings and as CC-Ottawa stated after the 6 years is up, the savings is $11 million.
Still the right decision to get rid of it!!
They don't refer to production costs and the reader would assume that the $11 million would be net of any additional costs incurred to phase out the penny.
Leaving out the $7 million costs for 6 years is significant.
However, even with those costs included it is still a net savings and as CC-Ottawa stated after the 6 years is up, the savings is $11 million.
Still the right decision to get rid of it!!
