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Thread: Canadian Redemption

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  1. #1
    Banned
    Join Date
    Apr 2015
    Location
    Massachusetts
    Posts
    310
    The legend lives on from the Chippewa on down
    Of the big lake they call Gitchi gumee
    The lake, it is said, never gives up her dead
    When the skies of November turn gloomy.

  2. #2

    Question Canadian Remedy

    First time redeemer here, looking to redeem for 2019. Located in Ontario, Canada. My situation is that my employer takes all of the deductions off and uses direct deposit to my chequing account. The chequing account was not opened with any lawful money verbiage on the documents. I have access to all of my stubs through an online portal where I can print them off and stamp them providing proof of lawful money redemption. I'm going to order a stamp with the verbiage below..

    "Special deposit for credit on account
    to be redeemed in lawful money without recourse
    Bills of Exchange Act, RSC 1985, c B-4, s 67(1)
    my signature here"

    Does this contain all the required verbiage? I have referenced the acts below. Should I write Special deposit or will Deposit be fine?

    http://canlii.ca/t/53z69 - Bank Act
    http://canlii.ca/t/hz62 - Bills of Exchange Act

    Within my understanding the right to restrict my endorsement of my paycheck, and redeem lawful money (money without private interest owing) from my employer in exchange for my labour, should be the same as the U.S. version USCA12 section 411?

    See a bit of history of the Canadian banking system here. One by the Bank of Canada..:

    https://www.bankofcanada.ca/wp-conte.../swp2017-5.pdf
    https://drive.google.com/file/d/1JKP...ew?usp=sharing

    Will I need any other type of supplemental evidence of lawful money redemption besides my pay stubs with the verbiage stamped on the back and signed by me?

    Just trying to piece it all together.

    Thanks!

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