I really don't see what the big deal is. It's a part of our history and they have no actual power in Canada. Canada is part of the Commonwealth, and there is no harm in acknowledging that.
Obviously, the public wants to see them or they wouldn't bother to hold these events. Noone is forcing people to show up and cheer. This isn't North Korea.
Should the monarchs remain on our money...that's another issue. Quite frankly, what else would we put on there. Pictures of old prime ministers?
As far as economic costs, not really all that big of a deal, as most of the money will be paid to Canadian employees/companies. The government will also receive some of the money back through taxes generated by increased commerce associate with these kind of events.
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