September 25, 2023

The Queens County Citizen

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Termination of legal tender status for certain notes in Canada

Termination of legal tender status for certain notes in Canada

(Ottawa) Canadians who still have some old paper notes use them for shopping until midnight on Thursday.

The Canadian Press

From 1Is In January, merchants stopped accepting payment for purchases using these old tickets, which was not a legal tender in Canada.

Bank of Canada explains that the withdrawal of the legal tender means that some old notes can no longer be officially accepted. For example, you cannot use bill 25 from 1935 to buy items in the store.

However, such a note may be brought to the financial institution or sent to the Bank of Canada for reimbursement.

The authority to remove legal tender from notes ensures that only recent notes are in circulation. These notes have good security features that make them difficult to counterfeit and are generally in good condition.

Official withdrawal of Effici 1, $ 2, $ 25, $ 500 and $ 1000 bills will help achieve this capacity target.

These notes have not been produced for decades. The issuance of $ 1 and $ 2 notes stopped in 1989 and 1996, respectively. They were replaced with coins. The $ 25 note is a commemorative note. This and the 5500 note ceased to be printed after their issue in 1935.

In the case of the Note 1,000 note, it has not been issued since 2000.

At this point, the Government of Canada indicated that it no longer had the idea of ​​removing the notes from circulation, but could do so if necessary.

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