To crack down on counterfeiting, money laundering, and tax evasion, the Federal government will no longer allow those bills to be used to pay for goods and services. The $1,000 bill has long been a favourite of organized crime because it makes transporting cash easier.
Yesterday’s budget does not say when those bills will cease to be legal tender.
The Bank of Canada stopped printing the $1,000 note in May 2000. However, it is estimated that there are still some 740,000 of those notes in circulation.