Bank notes that are no longer legal tender
Since January 1, 2021, the Canadian $1, $2, $25, $500 and $1,000 bank notes are no longer considered legal tender. Essentially, this means that you may not be able to use them in cash transactions.
Don’t worry—these bank notes have not lost their face value. Here are your options:
- redeem your bank notes for face value at your financial institution;
- redeem your bank notes for face value by submitting a claim to us;
- keep them.
Some bank notes, such as the $25 and $500, may be worth significantly more than their face value to collectors. To find out if your bank notes have a different value, you can refer to a collector’s catalog, or obtain an evaluation from two or three money dealers who cater to collectors.
