If you’ve got any old Canadian bank notes stashed away somewhere, now is apparently the time to spend them!

In a statement re-shared on November 19, the Bank of Canada reminded anybody with old notes to consider using them before they lose their legal tender status at the beginning of next year.

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.

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Before you start rummaging through your old piggy bank, 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!

 
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