Is the Penny Still Legal Tender in Canada? Understanding the Changes

Discover why the penny is no longer legal tender in Canada and what you can do with your old pennies.

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No, the penny is no longer legal tender in Canada. The Canadian government discontinued its use in 2013 to cut costs. While you can still deposit pennies at financial institutions, they are not accepted in cash transactions. Consider exchanging or donating any old pennies you might have.

FAQs & Answers

  1. When did Canada stop using pennies? Canada discontinued the use of pennies as legal tender in 2013.
  2. What can I do with my old Canadian pennies? You can deposit old pennies at financial institutions or donate them.
  3. Why did Canada stop using the penny? The Canadian government discontinued the penny to cut costs associated with production and handling.
  4. Is cash payment still accepted in Canada? Yes, cash is accepted, but pennies are not considered legal tender and should not be used in transactions.

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For a deeper understanding of Canadian currency and other money management tips, check out our related videos on currency changes and financial advice in Canada.

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