If you walk into a Tim Hortons in Toronto or a small bakery in rural Quebec, you’re going to need to know exactly what to ask for when the cashier gives you that "you're definitely a tourist" look. Most people assume it’s just another dollar. While that's technically true, what is canada money called goes way beyond just a simple "buck."
Canada’s official currency is the Canadian dollar.
Simple, right? Not really. In the world of international finance, people call it the CAD. In the streets of Montreal, you might hear it called a piastre. But if you really want to sound like a local, you need to get comfortable with birds and polar bears.
The Loonie and the Toonie: More Than Just Slang
The absolute heart of Canadian pocket change is the loonie. This is the gold-colored one-dollar coin. It gets its name from the solitary loon—a very Canadian water bird—floating on the back.
When the government decided to replace the green $1 paper bill in 1987, they didn't actually plan for the loon to be there. The original dies featured a "voyageur" (a canoeist), but those dies were lost in transit. To prevent counterfeiting, the Mint quickly swapped the design to the loon.
The name stuck so hard that the Royal Canadian Mint eventually trademarked the word "loonie."
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Then came 1996. The $2 bill was retired, and the toonie was born. It’s a bimetallic coin—meaning it has a silver-colored outer ring and a gold-colored center—with a polar bear on it. The name is just a goofy portmanteau: "two" plus "loonie."
Why is the Money Plastic?
If you’ve ever accidentally left a twenty in your jeans and threw them in the wash, you’ve experienced the terror of thinking you just destroyed your lunch money. In Canada, that’s not a problem.
Since 2011, Canada has used polymer banknotes. Basically, it’s a fancy type of plastic.
These bills are incredibly durable. They don't tear easily, they don't absorb sweat or water, and they are notoriously difficult to counterfeit. The Bank of Canada, which oversees all the printing, shifted to this material because it lasts about 2.5 times longer than paper.
Check out the holographic windows. If you tilt a Canadian bill, you'll see the colors shift and the metallic portraits shimmer. It’s some of the most advanced currency tech on the planet.
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Who is on the Bills Right Now?
The lineup of faces on Canadian money is currently in a state of flux. Historically, the $20 bill has always featured the reigning monarch. For decades, that was Queen Elizabeth II.
However, following the accession of King Charles III, the Bank of Canada has confirmed that his portrait will eventually take over the $20 note. This transition takes time, so you'll still see the Queen's face in your wallet for a good while.
Here is the current breakdown of the "Frontier" and vertical series:
- $5 Bill (Blue): Sir Wilfrid Laurier, Canada's first francophone Prime Minister. Heads up though—Terry Fox, the iconic athlete and cancer research activist, has been selected to replace him on the next version of this note.
- $10 Bill (Purple): This one is special. It’s vertical. It features Viola Desmond, a Black businesswoman who challenged racial segregation in Nova Scotia in 1946.
- $20 Bill (Green): Currently Queen Elizabeth II.
- $50 Bill (Red): William Lyon Mackenzie King. Interestingly, the plan is for Wilfrid Laurier to move here once Terry Fox takes over the $5.
- $100 Bill (Brown): Sir Robert Borden.
The Death of the Penny
You won't find a one-cent coin in Canada anymore. The "penny" was officially killed off in 2013 because it cost more to make than it was actually worth.
This leads to a weird quirk called rounding. If you're paying with cash, the total is rounded to the nearest five cents.
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- If your bill is $1.02, you pay $1.00.
- If your bill is $1.03, you pay $1.05.
It feels like a gamble every time you're at the register. But remember: this only applies to cash. If you’re tapping your phone or using a credit card, you still pay the exact cent.
Small Coins with Big Personalities
Aside from the loonie and toonie, the smaller coins follow the naming conventions of the US, but with different "costumes" on the back.
- The Nickel (5 cents): Features a beaver. Why? Because the fur trade basically built the country.
- The Dime (10 cents): Features the Bluenose, a legendary racing and fishing schooner from Nova Scotia.
- The Quarter (25 cents): Features a caribou.
You might occasionally see a 50-cent coin with the Canadian Coat of Arms, but they are rare. If you find one, keep it—they aren't really used for daily coffee runs anymore.
Tips for Handling Canadian Cash
If you're traveling or just moved to the Great White North, keep these realities in mind.
First, Canadian money is color-coded for a reason. It makes it incredibly easy to tell a $5 from a $50 at a glance, which is a lifesaver when you're fumbling with a wallet in the cold.
Second, don't try to use US coins in Canadian vending machines. They might look the same size, but the weight and magnetic properties are different. Most machines will just spit them back at you.
Lastly, be prepared for "the smell." There was a long-standing urban legend that Canadian polymer bills smelled like maple syrup. The Bank of Canada officially denies adding any scent to the money, but ask any Canadian—sometimes, when the bill is brand new, you'd swear you smell a pancake breakfast.
Practical Next Steps
- Check your change: Look for the $10 "vertical" bill; it's a beautiful piece of design and a great souvenir.
- Download a converter: If you're coming from the US, the "Loonie" usually trades at a lower value than the USD, meaning your money goes further.
- Go Digital: Canada is one of the most "cashless" societies in the world. You can pay for almost anything—even a single pack of gum—with a tap of your card or phone.
- Visit the Mint: If you're ever in Ottawa or Winnipeg, take a tour of the Royal Canadian Mint to see how these "plastic" bills and bimetallic coins are actually struck.