A $1,000 bill (Image courtesy of Dreamstime)

By Justin Goulet

dolla dolla bilz

Some Canadian bank notes to lose legal tender status in 2021

Dec 31, 2020 | 3:00 PM

OTTAWA, ON – Canadians wishing to spend the old one, two, 25, 500 or one-thousand dollar bills they’ve been holding on to are running out of time.

As of midnight tonight, some bank notes made between 1935 and 1986 will lose the federal government’s legal tender status, which means they will not be redeemable at stores.

However, they can still be redeemed or deposited for face value at a bank or by the central bank.

The decision to retire the old notes was made back in November.

READ MORE: Old bills to lose legal tender status in 2021

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The Bank of Canada says the affected notes are so rare that in most cases, they are not even recognized by store clerks and some are worth more to collectors than in circulation.

The policy change puts Canada in line with other central banks around the world, such as the Bank of England, since newer notes have better security features and are more difficult to counterfeit.

More details are available through the Bank of Canada’s website.