Canada should explore ditching nickel and quarter, says Desjardins

, Financial News

Desjardins predicts that Canada could begin to plan to phase out the nickel now and complete such a phase out within the next five years.

Keeping Canada’s current coin currency system is costing the country too much money and a future where the nickel and quarter are eliminated would be a solution.

That was the recommendation by a new report from Desjardins that examines the current role of cash in the Canadian economy.

Canada has already phased out the penny, a move that was announced by the government in 2012. Desjardins noted that the penny was a burden that cost the country some $130 million a year.

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