Once upon a time Canada had a 1-cent coin. Now that’s gone. Once upon a time Canada had a circulating $1, and a $2 bank note. Now they’re gone. And, what about the Canadian 50-cent coin? That circulates about as successfully as does its US counterpart.
The list is about to get longer. In mid-November the Bank of Canada sent out a reminder it will remove the legal tender status of its $1, $2, $25, $500, and $1,000 bank notes as of January 1, 2021. Canada’s Parliament decided to remove the legal tender status of these notes in 2018, following amendments made to the Bank of Canada Act and the Currency Act.
In 9 (1) of the Currency Act it reads, “The governor in council may, by order, call in…