It'll cost a lot of dollars to purge the penny

(QMI AGENCY, file)

(QMI AGENCY, file)

Kristy Kirkup, Parliamentary Bureau

, Last Updated: 8:08 PM ET

OTTAWA - Nixing the penny poses a hefty price to taxpayers, according to new figures released Wednesday by the finance department.

Finance Minister Jim Flaherty signalled the feds would move to abolish the coin in its spring budget - a measure the government says will save about $11 million annually in production costs.

But data released by the finance department suggests taxpayers will be paying to eliminate pennies for years to come.

 


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