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Changes to legal tender status for older Canadian bank notes

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As of January 1, 2021, the Bank of Canada is ending the legal tender status of certain older bills that are no longer being produced. This means that you will no longer be able to use the bills to buy items at stores. Here are the bills losing legal tender status:

  • $1
  • $2
  • $25
  • $500
  • $1,000

If you have any of these bills, you can easily redeem them for their face value at your financial institution or by sending them to the Bank of Canada. You can also choose to keep them as collectibles.

Find your nearest branch to redeem bills at Meridian

Learn how to submit a claim to redeem bank notes with the Bank of Canada

Why is this happening?

Well, these bills aren’t being produced anymore, so there aren’t many around to begin with. Also, it’s harder to counterfeit newer bills that are in good condition, so this will help protect Canadians.

How will this affect me?

This probably won’t affect many people. These bills are rare to begin with and if you do have one you can easily redeem it for its face value at your credit union or bank.

Learn more about the upcoming changes to legal tender status for older bank notes

Meridian Credit Union communications are intended for informational purposes only and do not constitute financial advice or an opinion on any issue. We would be pleased to provide additional details or advice about specific situations if desired.

For permission to republish this content, please contact the Meridian Credit Union Marketing Department at communications@meridiancu.ca. ©️ 2022 Meridian Credit Union