Banknote Alert!


Effective January 1, 2021, the Government of Canada will remove legal tender designation from certain banknotes that are no longer being produced. Removing legal tender status means that some older banknotes will no longer have the official status of being approved for payments of debt. But these banknotes will not lose their face value. If you have any of them, you still be able to take them to your financial institution or send them to the Bank of Canada to redeem their value. For some, you might even be able to get a premium as a collector’s item. You can consult Bank of Canada’s website https://www.bankofcanada.ca/banknotes/upcoming-changes-to-legal-tender-status-for-older-bank-notes/