Bill C-531
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C-531
Second Session, Thirty-ninth Parliament,
56-57 Elizabeth II, 2007-2008
HOUSE OF COMMONS OF CANADA
BILL C-531
An Act to amend the Currency Act and the Royal Canadian Mint Act (abolition of the cent)
first reading, April 2, 2008
Mr. Martin (Winnipeg Centre)
392014
SUMMARY
This enactment amends the Currency Act and the Royal Canadian Mint Act to provide that one cent coins will not be legal tender beginning on January 1 of the year immediately following the year in which the enactment is assented to, and will be called in following a proclamation by the Governor in Council.
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2nd Session, 39th Parliament,
56-57 Elizabeth II, 2007-2008
house of commons of canada
BILL C-531
An Act to amend the Currency Act and the Royal Canadian Mint Act (abolition of the cent)
Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
R.S., c. C-52
CURRENCY ACT
1. Section 7 of the Currency Act is amended by adding the following after subsection (2):
Cent not current
(3) Notwithstanding subsection (1), beginning on January 1 of the year immediately following the year in which this Act receives royal assent, a coin shall not pass current.
2. (1) Subsection 8(2) of the Act is amended by adding the word “and” at the end of paragraph (c), by striking out the word “and” at the end of paragraph (d) and by repealing paragraph (e).
(2) Section 8 of the Act is amended by adding the following after subsection (2):
Cash transactions
(2.01) Beginning on January 1 of the year immediately following the year in which this Act receives royal assent, every amount payable in cash shall be rounded as follows:
(a) 1 and 2 cents, rounded down to the nearest 10 cents;
(b) 3 and 4 cents, rounded up to the nearest 5 cents;
(c) 6 and 7 cents, rounded down to the nearest 5 cents; and
(d) 8 and 9 cents, rounded up to the nearest 10 cents.
3. Subsection 9(1) of the Act is replaced by the following:
Calling in and ceasing production of coins of one cent
9. (1) The Governor in Council
(a) shall, not later than January 1 of the year immediately following the year in which this Act receives royal assent, by proclamation, call in all coins of a denomination of one cent, in exchange for coins or notes of a denomination of five cents or more; and
(b) may, by proclamation, call in any other coins of any date and denomination.
R.S., c. R-9
ROYAL CANADIAN MINT ACT
4. Section 6.4 of the Royal Canadian Mint Act is amended by adding the following after subsection (2):
One cent coins
(3) Any order made under subsection (1) in respect of a one cent coin is revoked and without further effect.
5. Items 7 to 9 of Part 2 of the schedule to the Act are repealed.
Published under authority of the Speaker of the House of Commons
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