![]() ![]() ![]() “Legal tender” refers to currency that may be lawfully tendered in payment of a debt. The Bank of Canada is responsible for supplying Canadians with bank notes that can be used with confidence. These statutes grant the Bank of Canada the sole right to issue bank notes intended for circulation as legal tender in Canada. Thus far, Parliament has chosen to legislate these issues under the Bank of Canada Act and the Currency Act. Pursuant to the Constitution Act, 1867, the Parliament of Canada has exclusive legislative authority over all matters related to currency and coinage, the issue of paper money and legal tender. Background Existing authorities and mandates In particular, the $1,000 denomination facilitates illicit activities. These notes have antiquated security features. Although the Bank has not printed new $1, $2, $25, $500 and $1,000 denominations in decades, over $1 billion worth of these denominations remain in circulation. ( This statement is not part of the Order.) IssuesĪll bank notes issued by the Bank of Canada since 1935 are legal tender. Order Calling in Certain Notesġ Notes issued under the Bank of Canada Act in the following denominations are called in:Ģ This Order comes into force on January 1, 2021. Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to paragraph 9(1)(b) footnote a of the Currency Act footnote b, makes the annexed Order Calling in Certain Notes. Order Calling in Certain Notes: SOR/2019-146Ĭanada Gazette, Part II, Volume 153, Number 11
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