Bank of Canada getting rid of 'legal tender' status on some older bills

news-update

The Bank of Canada is doing away with the legal tender status of some older bills effective January 1st.

That means you'll no longer be able to us $1, $2, $25, $500, or $1,000 bills for transactions.

But the bills will maintain their value and Canadians can trade them in at a financial institution or the Bank of Canada.

The old notes have been out of print for decades.

The elimination of the bills stems from changes to the Bank of Canada Act, and  Currency Act, adopted back in 2019.

(with files from the Canadian Press)