Not true.  There is, however,  an ongoing debate about it.  Are they worth the time/money to mint.  How much to retailers "spend" on tracking, counting, sorting, etc.

The last highly publicised event in Canada was a private members bill [from 2008][1].

Other countries that have eliminated their equivalent have indeed followed the *rounding* methodology; reference [Sweden][2].

So for example if we were to eliminate the penny and keep the nickel.  All purchases would be added up using their penny price.  Then if the total ended in 1,2,6,7 it is rounded down, and the rest up (or left as zero and five).


  [1]: http://en.wikipedia.org/wiki/Penny_%28Canadian_coin%29#Abolition
  [2]: http://en.wikipedia.org/wiki/Swedish_rounding