It has been reported that the Finance Department feels that it would be a good idea for Canada to actually pull the pennies which are becoming costlier by the day from circulation and that would mean that the long - term savings would be really significant.

It was made clear that eliminating the penny would probably cost a little in the beginning but in the end it would be much better because the savings would be great by then and it would be ongoing.

It was absolutely certain that in the long run, the economic benefit would be really huge and useful.

It is a fact that many Canadians still do use the pennies as a payment method but there also lies the fact that many people don't recirculate the pennies and instead they hoard them which could be very bad.

The penny in Canada actually costs more than its actual value by about 50 per cent for it to actually get back into circulation. Suggestions and discussions are going on but the ultimate decision is for the Department of Finance to make when it comes to the pulling of the pennies.