Page 16 - March Market Update digital

$1, $2, $25,

$500 and

$1,000 bills

will no lon-

ger be valid

in cash

transactions.

Проверьте свой ....That’s because

these bank notes have
кошелек: Rare paper bills not been produced in
decades.
to lose legal tender status In fact, you almost
never see them. Some
people do not rec-
ognize them, which
A Canadian $1,000 to change that in order you would no longer be means they likely
bill will soon be to remove outdated bank able to spend that 1935 would not be accepted
worth a lot less – note denominations $25 bank note to buy in transactions.
or potentially a lot from circulation. items at a store. The $1 and the $2
more – than its face The legacy bills will But these bank notes notes stopped being

value under the no longer be usable in would not lose their face issued in 1989 and
2018 federal budget. day-to-day transactions, value. 1996, respectively,
although banks will ac- and were replaced
A line in the budget cept them at full value, If you have one of them, with coins.
shows the Liberals are the Bank of Canada you will still be able to
planning to strip le- (BoC) says. take it to your financial The $25 note was a
gal tender status from institution or eventu- commemorative note.
outdated Canadian bank Bank notes will not lose ally send it to the Bank
notes, so $1, $2, $25, their face value of Canada to redeem its Both it and the $500
$500 and $1,000 bills value. note were discontin-
will no longer be valid In short, removing legal ued shortly after they
in cash transactions. tender status means that By removing these old were issued in 1935.
some older bank notes notes from circulation,
The government does would no longer have we can ensure that our The $1,000 note
not currently have the the official status of be- bank notes stay cur- stopped being issued
power to revoke legal ing approved for pay- rent, of high quality and in 2000.
tender status, but it plans ments of debt. secure.
Essentially, that means
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