Currency Act

Marginal note:Legal tender

• 8 (1) Subject to this section, a tender of payment of money is a legal tender if it is made

  • (a) in coins that are current under section 7; and

  • (b) in notes issued by the Bank of Canada pursuant to the Bank of Canada Act intended for circulation in Canada.

• Marginal note:Limitation

  (2) A payment in coins referred to in subsection (1) is a legal tender for no more than the following amounts for the following denominations of coins:

  • (a) forty dollars if the denomination is two dollars or greater but does not exceed ten dollars;

  • (b) twenty-five dollars if the denomination is one dollar;

  • (c) ten dollars if the denomination is ten cents or greater but less than one dollar;

  • (d) five dollars if the denomination is five cents; and

  • (e) twenty-five cents if the denomination is one cent.

• Marginal note:Coins of denominations greater than ten dollars

  (2.1) In the case of coins of a denomination greater than ten dollars, a payment referred to in subsection (1) may consist of not more than one coin, and the payment is a legal tender for no more than the value of a single coin of that denomination.

• Marginal note:Different amounts payable on the same day

  (3) For the purposes of subsections (2) and (2.1), where more than one amount is payable by one person to another on the same day under one or more obligations, the total of those amounts is deemed to be one amount due and payable on that day.

• (4) [Repealed, 2012, c. 19, s. 388]