Got some vintage paper currency lying around?
Thanks to the 2018 budget, those bills might not be as useful as they used to be.
Don’t worry, they’re still worth their value, but an item deep in the 2018 budget’s 367 pages could stop certain kinds of paper currency from being legal tender.
“Removing legal tender status means that some older bank notes would no longer have the official status of being approved for payments of debt,” the Bank of Canada said on their website.
Bank Notes Affected:
$1, $2, $25, $500 and $1,000 bills.
“Essentially, [removing legal tender status] means you would no longer be able to spend that 1935 $25 bank note to buy items at a store. But these bank notes would not lose their face value. If you have one of them, you will still be able to take it to your financial institution or eventually send it to the Bank of Canada to redeem its value,” the Bank of Canada stated.
According to CBC News, the Bank of Canada stopped printing $1000 bills in 2000, but around 700,000 of them are still in circulation.
Exact Date for Ending Legal Tender Status TBA
The move to end legal tender status for certain notes is part of a plan to prevent counterfeiting, money laundering, and tax evasion.
The Bank of Canada says there are currently no plans to remove legal tender status from any other bank notes.