If there is a canonical tag on www.mysite.com pointing to www.mysite.com (<link rel="canonical" href="http://www.mysite.com"/>) search engines will ensure only this URL is index and other duplicate pages like "www.mysite.com/home.asp" "mysite.com" etc will be replaced (if they are indexed in GYB) with www.mysite.com.
Now, let's say a 3rd party website has a been linking to "www.mysite.com/home.asp" but I decide to remove the "/home.asp" from the server. That 3rd party site will now be linking to a error page (404) because that page does not exist on the server.
My question is, does Google now discounts the link juice now because I've removed that page from the server? My thinking is that Google seen initially seen the <link rel="canonical" href="http://www.mysite.com"/> tag on www.mysite.com/home.asp but now that page has been removed so no SEO juice will be passed from the 3rd party site to www.mysite.com. Thoughts? Oh and 301's is out of the picture since it is a problem for my IT team to manage a bunch of 301s to mulitiple URLs.