Your old $ 2 paper will soon be used to pay for your purchases

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QMI agency

Wednesday, 28 February, 2018 18:28

UPDATE
Wednesday, 28 February 2018 18:30

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OTTAWA | government, Justin Trudeau has the intention to abolish the legal tender of old notes of the bank, which will prevent and possibly pay for its purchases with cuts of 1 $, 2 $, 25 $, 500 $ and $1000.

The measure has been included in the budget of the minister of Finance Bill Morneau presented Tuesday in Ottawa.

“In the wake of these legislative changes, the government plans to initiate the process of withdrawal of legal tender bank notes which are not issued by the Bank of Canada”, one can read in the budget.

The Bank of Canada has, however, shown that is reassuring. Although it may be impossible to use these old bank notes for completing transactions, they will retain their value and it will be possible to redeem them at financial institutions.

“This decision is not expected to have significant consequences for most Canadians, these cuts were no longer being produced since decades and are rarely used for performing transactions”, pointed out the Bank of Canada in a press release.

Under this decision, the only cuts that will eventually have to be legal tender in the country will be those of 5 $, 10 $, 20 $, 50 $ and $100.

The liberals have justified their decision, in the budget, on the basis of their intention “to facilitate the maintenance of the banknotes of high quality in the supply of money and ensure a greater clarity as to bank notes that are legal tender”.