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Phasing out the penny from circulation - what it means for Canadian consumers and businesses

FAQ: Charities

Why should charities take an interest in the phase out of the penny?

The redemption of pennies presents a fundraising opportunity for charities.
Experience elsewhere has shown that charities can benefit by getting involved in the process of withdrawing low-denomination coins from circulation.

The Government encourages Canadians to consider donating pennies to charities.  Charities are welcome to take advantage of the initiative to increase their fundraising through penny drives.

What do charities need to do if they want to host a penny campaign?

Charities should consult their financial institutions before starting any fundraising campaigns related to the phase out of the penny to determine best practices for collecting and redeeming the coins.  This will ensure charities and financial institutions are well-prepared to manage a potentially large volume of pennies, and will ease the reimbursement once the campaign is complete. 

Are financial institutions required to accept pennies?

The Government expects that financial institutions will facilitate the process of penny redemption by accepting pennies.  Financial institutions may wish to support charity initiatives by providing guidance on how best to redeem pennies.  The Government recommends that charities consult their financial institutions before starting any fundraising campaigns related to the phase out of the penny.   

Will charities need to roll all of their pennies?

Financial institutions are best placed to provide guidance to charities on whether or not pennies must be rolled. 

How long will charities have to turn in their pennies?

The penny will retain its value indefinitely.  As such, there is no time limit for redeeming pennies.  Charities should consult their financial institutions before starting any fundraising campaigns related to the phase out of the penny to determine best practices for collecting and redeeming the coins.