BUSINESS
11/24/2020 17:03 EST

Old Canadian Dollar Bills And $2 Bills To Lose Legal Tender Status In 2021

Now is the time to spend them!

Calling all collectors! If you have any old Canadian paper bills, now is the time to spend them.

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

Losing legal tender status means Canadians will no longer be able to use the cash in transactions. However, most Canadians won’t be affected because these banknotes haven’t been produced in decades.

If you do own them, though, don’t worry — you won’t have to use them or lose them. The BoC is assuring Canadians that the notes won’t lose their value, and they can still be redeemed at participating banks. Or of course, keeping holding on to them.

The BoC says removing the bills keeps Canadian currency more secure, as the older notes lack current counterfeit technologies that the newer bills have, such as the use of holograms.