The federal government is removing legal tender status from a
variety of old bank notes.
Effective Jan. 1, 2021, Canadians can no longer use $1, $2, $25, $500 and $1,000 bills in transactions. These notes have antiquated security features, according to the Government of Canada website.
The Bank of Canada says the bank notes will not lose their value and Canadians can redeem the notes through their financial institutions ,or by using the Bank’s Bank Redemption Service.