Effective January 1, 2021, the Government of Canada will remove legal tender status from some older bank notes that are no longer produced - the $1, $2, $25, $500 and $1,000 notes. Here's what you need to know.
Legislative amendments were made following an announcement on legal tender in the federal government's 2018 budget. These changes allow the government to remove legal tender status from the $1, $2, $25, $500 and $1,000 bank notes.
In short, this means that these notes are no longer approved for payments of debt, and may not be accepted in transactions.
By removing these old notes from circulation, we can ensure that our bank notes stay current, of high quality and secure. It also guarantees they are always easy to use. There are no plans to remove legal tender status from any other bank notes.
These notes will not lose their face value since the Bank of Canada will continue to honour them. People wishing to redeem their notes can do so at their financial institutions or by sending them to our Bank Note Redemption Service. They can also decide to keep their bank notes.
For more information, please check our website.
|
| |
Questions? Contact us
|
|
|
| Cliquez ici pour visualiser l’information en français. |
|
| What is legal tender in Canada?
Bank notes issued by the Bank of Canada, together with coins issued by the Royal Canadian Mint, are what is known as “legal tender.” That’s a technical term meaning the Government of Canada has deemed them to be the official money we use in our country. In legal terms, it means “the money approved in a country for paying debts.”
|
| |
|
|
.jpg?g=1519749191889)
