In the Federal budget announced on Tuesday, the Liberal government announced that some paper currency will no longer be accepted as legal tender.

If you have a mattress full of $1,000 bills at home – start spending them!

$1,000 bills stopped being printed in 2000 but there is approx. 700,000 of those bills floating around in Canada. Yup.. that’s $700 million in bills that need to be used up.

To help crack down on counterfeiting, tax evasion and money laundering, the government announced that $1,000 bills will no longer be permitted to pay for goods and services. No official word on the final day you have to use these bills. The $500, $25, $2 and $1 bills are also going to stop being legal tender.

The announcement was buried deep in the massive 2018 budget document.

Read more on this story on the CBC website.

 

Filed under: Money