Article contentLate last week, the Bank of Canada sent out a gentle reminder: several denominations of Canadian banknotes, including the $1 bill, will no longer be legal tender as of Jan. 1. But if you are sitting on a pile of old bills waiting out the pandemic, you don’t need to panic. The Bank of Canada and all of our financial institutions will be happy to go on exchanging the bills for equal amounts of new currency. The loss of “legal tender” status only means that counterparties can’t be obliged to accept the old bills in payment of a debt anymore. Our central bank offers interesting charts of the amounts of these notes still considered to be in circulation.

Source: National Post November 23, 2020 15:45 UTC