time to pick that cash, you once stored in your piggy banks. Do you know why? Well, the Government of Canada has planned to eliminate the use of $1000 bank notes.
Per The Bank of Canada, the newest federal budget is planning “to remove legal tender status from Canadian bank notes.”
“The Bank of Canada supports this initiative because it can help the Bank ensure that bank notes used by Canadians are current, in good condition, easy to use and difficult to counterfeit,” it mentioned in a statement.
The $1000 bank note isn’t the only one to be center of attention.
The government has been asked, per budget 2018 to eliminate legal tender status from $1, $2, $25, and also $500 bank notes. In order to be eliminated, they would have to be permitted in parliament first.
“Removing … these older notes is expected to have little impact on most Canadians, as these denominations have not been produced in decades and are rarely used in transactions,” mentions the Bank of Canada.
“Importantly, removal of legal tender status does not mean these notes will lose their face value; the Bank of Canada will continue to honour them.”
Considering the government accepts this change, the Bank of the country will allow Canadian people to learn how to cash in the currency. But it is not confirmed at the moment when this will happen, and when the process shall be completed.
There are presently no plans to eliminate legal tender status from any other bills, per the Bank.
In the time being, spend the $1,000 notes as desired.
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