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I say ditch. I'm not a Canadian and republicanism isn't perfect, but I definitely think it's a better system than constitutional monarchism, especially considering your monarchy isn't even based in your own country. Australia should be a republic too.
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Could you please explain how it's a better than constitutional monarchy as is used in Canada? If you can please use facts.
Canada's top executive and elected government head are two different people. Our head of state/Sovereign holds the power but doesn't use it. The elected gov't uses the power but doesn't hold it.
Canada's head of state is based in Canada.