Anyone sitting on old paper Canadian bills, now is the time to use them.
The Bank of Canada has issued a reminder that, as of January 1, 2021, any $1, $2, $25, $500, and $1,000 banknotes will have their legal tender status removed.
In accordance with the Bank of Canada Act and the Currency Act approved by parliament in 2018, the federal government has made the decision to remove legal tender status from older paper Canadian bills.
This change will affect the above bills, which are no longer being produced.
“Most Canadians will not be affected because the bank notes targeted by this announcement have not been produced in decades and are rarely used in transactions,” said a release from the Bank of Canada.
In 1989, $1 banknotes were replaced with coins, followed by the $2 banknote being replaced in 1996.
The $25 bill was a commemorative note and the Bank of Canada says that both it and the $500 note were discontinued shortly after they were issued in 1935.
The $1,000 note stopped being issued in 2000.
The Bank of Canada adds that some rarer bills could be worth significantly more than face value to collectors.