About time! Keeping the damn thing alive cost way more than it was worth, and it's really welcome in an era where cutting spending is all the rage. As long as those cuts are applied in the right places, and banning pennies definitely qualifies as such. 130 million dollars were wasted every year on the production of coins people tended to keep, or outright throw away.
So, what's the impact of prices ending in a five or a zero on pricing? According to research done in America (which can't be that far off from what we're about to experience in Canada), almost none, with consumers gaining a measly cent every 40 transactions on average. All in all, GOOD FUCKING RIDDANCE. I'm not going to suddenly start voting Conservative because of that, but it's still awesome.
As an added bonus, the composition of $1 and $2 coins will be revised to decrease their production costs.
Edit: Thanks to SuperNerd137 for pointing me to this. QFT.