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View Robert-Falcon Ouellette Profile
Lib. (MB)
I also would like to talk about domestic coinage, the Royal Canadian Mint. We had a change in the Royal Canadian Mint Act. Its voted statutory funding for purchase of domestic coinage has increased by about $8 million because they couldn't anticipate profit from the provision of coins for circulation.
Is there a possibility of moving towards a $5 or $10 coin at some point in order to reduce the costs of the Royal Canadian Mint? Obviously, it's not a priority of our government to be subsidizing or giving more funds to the Royal Canadian Mint, but is there a way that the mint can save more money?
Christopher Meyers
View Christopher Meyers Profile
Christopher Meyers
2017-04-10 16:52
I'm not aware of any specific deliberations with respect to other denominations of coins. What I can say is that there is historical precedent with respect to removing coins from circulation such as in the case of the penny, which was designed to reduce costs with respect to penny production.
The comments you made earlier with respect to the $8-million increase in domestic coinage costs for 2017-18 is more of a reflection of adjustments to the Royal Canadian Mint Act that put back into place certain provisions that would ensure that the mint itself could generate enough profit to sustain operations.
View Linda Lapointe Profile
Lib. (QC)
It would appear that its situation is more difficult. Let me read the following:
It is interesting that the Royal Canadian Mint stands out from all other small and large institutions with a generally low score for language of work.
That's referring to people's preferred language of work.
It answered “sometimes” for the four following statements:incumbents of bilingual positions are supervised in their preferred official language;
In other words, it is not always the case, or it is very rarely.
managers and supervisors who occupy bilingual positions in bilingual regions supervise each employee in the language chosen by that employee;
We are in a bilingual region. However, it seems more challenging here.
meetings are conducted in both official languages and employees may use their official language of choice during meetings;
This is still the Ottawa region, and it seems that the Royal Canadian Mint is having trouble.
employees can write documents in their official language of choice.
Have you noticed that, especially at the Royal Canadian Mint?
I have no particular grievance against that agency, by the way.
Nicolas Moreau
View Nicolas Moreau Profile
Nicolas Moreau
2016-11-17 18:05
Thank you, Mr. Chair.
Budget 2016 proposed adjustments to the Royal Canadian Mint Act. Amendments to the act are proposed to facilitate effective and efficient operation of the Royal Canadian Mint. The following are the proposed amendments.
First, clause 136 amends the Royal Canadian Mint Act to restore the ability of the Mint to anticipate a profit from the provision of goods and services to the Government of Canada and its agents. This includes the sale of Canadian coins to the Department of Finance for resale to financial institutions. By restoring the capacity of corporations, the corporation will benefit from its transactions with the government and its agents. This change will foster innovation and improve processes, and lead to lower costs to the government as a whole.
Next, clause 137 amends the Royal Canadian Mint Act by clarifying in section 4 the specific types of incidental activities that the Mint may undertake. As currently worded, section 4 refers to four general activities relating to coins and metals, which may leave room for interpretation. The proposed amendments to section 4 clarify the activities that the Royal Canadian Mint may undertake and includes activities such as marketing, consulting, storage services and exchange-traded receipts for precious metals associated with the gold and silver reserves of the Royal Canadian Mint. These amendments will help to clarify the corporation's mandate and will help to minimize the operational and reputational risks to the corporation and the Government of Canada.
Furthermore, clause 138 amends the Royal Canadian Mint Act by adding provisions to ensure that $350 coins minted between 1999 and 2006 have legal tender status. This clarification stems from the fact that the Royal Canadian Mint Act, as it existed between 1999 and 2006, did not include references to $350 coins.
Lastly, clause 139 amends the Royal Canadian Mint Act by removing the requirement that the Mint's directors must have experience in the field of precious metal fabrication or production. This will help significantly broaden the pool of candidates available for appointments to the board of directors. Collectively, these amendments will encourage and facilitate effective and efficient operation of the Royal Canadian Mint.
My colleague and I will be pleased to answer your questions.
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