Dollars and SenseNews

Some Canadian Bills Will Lose Legal Tender Status in 2021

Source: Brooklyn Neustaeter, ctvnews.ca November 22, 2020

The decision to remove legal tender status from these bills will have little impact on the majority of Canadians.

TORONTO — Any Canadians who have old paper bills in their wallets have until the end of the year to use them in day-to-day transactions before merchants no longer have to accept them.

The Bank of Canada (BoC) issued a reminder on Thursday that hundreds of millions of $1, $2, $25, $500, and $1,000 bank notes will have their legal tender status removed as of Jan. 1, 2021.

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