The Liberal government announced Tuesday — in an item buried deep in its 367-page 2018 budget document — that some paper currency will no longer be accepted as legal tender.
The $1000 bank note will no longer be legal tender, pending the introduction of legislative changes. The Bank of Canada will still accept the bills for an exchange. (Bank of Canada)
While the Bank of Canada stopped printing the $1,000 note in 2000, there are still about 700,000 of those bills still in circulation across the country.
As part of a plan to crack down on counterfeiting, money laundering and tax evasion, the government will no longer allow those bills to be used to pay for goods and services. The budget does not say when those bills will cease to be legal tender.
Read full story here: Budget Says Some Paper Currency Will No Longer Be Legal Tender – Politics – CBC News
