What is the official currency of Canada?

The official currency of Canada is the Canadian dollar. It has the ISO code CAD and is commonly represented by $, C$, or CA$ when it needs to be distinguished from other dollars.

Canada introduced its dollar in 1858, replacing several colonial currencies, including the Canadian pound and the dollars used by provinces such as New Brunswick and Nova Scotia. The Bank of Canada issues banknotes, while the Royal Canadian Mint produces Canadian coins.

The currency is divided into 100 cents. Canada’s one-dollar coin is widely nicknamed the “loonie” because it features a common loon, a bird associated with the country. The two-dollar coin is known as the “toonie,” a name formed from “two” and “loonie.”

The Canadian dollar is often confused with the United States dollar because both commonly use the $ symbol and circulate in neighboring economies. They are separate currencies with different values, central banks, designs, and monetary policies. Canada also stopped distributing one-cent coins in 2013, although existing pennies remain legal tender.