The Royal Canadian Mounted Police stated that 44,975 counterfeit Canadian banknotes were found by authorities in 2012. The number of fake banknotes discovered in circulation has been declining for 8 years in a row and is down 92 percent from 2004.
Aside from the number of fake banknotes discovered, the RCMP also seized 14,882 counterfeit banknotes in 2012.
68 percent of the fake notes passed in 2012 were of the $20 bill.
Out of the nearly 2 billion banknotes in circulation, financial regulators estimate that up to 28 counterfeit notes out of every 1 million legitimate notes. The value of these counterfeits are $1.6 Million.
Source: Daniel Schwartz, “Bank of Canada unveils new $5 and $10 polymer banknotes,” CBC News, April 30, 2013.