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Older Canadian bank bills losing official status

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Have some old Canadian money lying around in a bottom drawer? You might want to trade it in.

The federal government is removing “legal tender” status from some bank notes as of Jan. 1, 2021, namely $1, $2, $25, $500 and $1,000 bills.

After that date, the old bills will not longer have official status and shouldn’t be used for cash transactions or to pay debts. The Bank of Canada, however, will continue to honour their face value even after legal tender status is removed.

If you own older bank notes, and you want to redeem them, you can go to your financial institution and exchange them for new bills, or deposit them in an account.

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