Finance committee  I think that the situation you discussed does happen today. Older notes are brought into banks. They can't actually identify or authenticate the note because it is so old. There's a collection process they undertake where they send it to the Bank of Canada. We authenticate the no

Finance committee  A transaction exchange is an exchange between two parties. What they use is up to them to determine. There's no obligation now for a retailer to accept money in a transaction unless they agree to do that. That exists before and after the removal of legal tender status. Basicall

Finance committee  The Bank of Canada will honour the face value of these notes forever.

Finance committee  Let me break apart the question a bit. There is a process at the Bank of Canada that deals with mutilated notes, which is separate. If you find notes that are buried and you're not able to determine what denomination they are, they can still be redeemed at the Bank of Canada. W

Finance committee  Most financial institutions now accept all series of bills. We see them come into our processing centres all the time. They work on a know-your-customer basis, so if you're a customer of the bank, they know who you are. If you're not a customer of the bank, you can communicate di

Finance committee  Good evening, Mr. Chairman. Thanks for the invitation to discuss the proposed legislative changes to the Bank of Canada Act and the Currency Act. These changes will allow the government to remove legal tender status from Canadian banknotes, and allow the Bank of Canada to more e