These Five Old Bank Notes Have Officially Lost Their Legal Tender Status

If you’ve got any old Canadian bank notes stashed away somewhere, don't count on using them to buy groceries!

The Bank of Canada reminds everyone that, as of January 1, 2021, old notes no longer have legal tender status.

What this means, the corporation explained, is that “Canadians will no longer be able to use them in transactions.”

Affected notes include $1, $2, $25, $500 and $1,000.

Editor's Choice: Canadians Will No Longer Be Allowed To Use Old Bills As Legal Tender

Before you start rummaging through your old piggy bank to see how much dough you've lost, it’s worth knowing that most people are unlikely to be affected by the change.

According to the Bank of Canada, most of the bills included in the update have not been produced in “decades” and therefore aren't commonly used in day-to-day transactions.

If you do have one of the listed notes, the corporation says you can redeem them “at face value” or choose to keep them.

"Those who wish to redeem their bank notes can do so most easily at their financial institution. They can also send bank notes directly to the Bank of Canada," reads the notice.

The statement also says that some rarer notes could be worth “significantly more” than their face value to collectors.

Maybe it is worth digging around in your piggy bank, after all!