Most Canadians still keep bills in their wallet and banknotes at home even as governments and banks tighten restrictions on large cash transactions, according to a Bank of Canada study released yesterday.The average Canadian now carries $156, up from $140 in 2023, and keeps another $200 at home, most often in $20 bills, said the Methods of Payment Survey Report: Cash in an Era of Alternatives. Cash was used in 21% of all transactions, with older Canadians using it most frequently.Per Blacklock's Reporter, about 32% of Canadians withdrew money from an automated banking machine in the past week, taking out an average of $176. Most people withdrew cash twice a month, said researchers, who surveyed about 4,000 people nationwide.Asked if they expected to go cashless, 79% said no. The share of Canadians without cash has ranged from 10% to 19% since 2019, peaking at the start of the Covid-19 pandemic.The survey followed a new policy by some retail banks refusing cash from walk-in customers without an account. Scotiabank confirmed the change August 6. Cabinet in June also introduced Bill C-2, banning all cash dealings of $10,000 or more, including deposits by small businesses or donations to charities, regardless of the source. The bill awaits Second Reading in the Commons.
