Some old Canadian bank notes to lose legal tender in 2021
Shady Salah – Media in Toronto
Some Canadian bank notes made between 1935 and 1986 will lose its legal tender status as of midnight tonight, which means they will not be redeemable at stores, according to Bank of Canada. The decision to retire the old notes was made back in November.
However, they can still be redeemed or deposited for face value at a bank or by the central bank. Bank notes issued by the Bank of Canada, together with coins issued by the Royal Canadian Mint, are what is known as “legal tender”
That’s a technical term meaning the Government of Canada has deemed them to be the official money we use in our country. In legal terms, it means “the money approved in a country for paying debts.”
Today, money is not just bank notes but takes many different forms: credit cards, debit cards, cheques, and contactless payments using mobile devices. You can pay with any of these forms of money, even though they are not considered “legal tender.” In fact, anything can be used if the buyer and seller agree on the form of payment. So “legal tender” has little impact on our everyday lives.
If anyone wishes to redeem your bank notes, the simplest way is to bring them to your financial institution. You can also send them to the Bank of Canada to redeem their value. Or, you can always decide to keep your notes.