For the first time, the Bank of Canada will be removing the legal tender status of five older bank notes.
The bills haven't been produced in decades and removing their legal tender status is the "final step to remove them as transaction notes" says Bank of Canada spokesperson Amelie Ferron-Craig.
As of January 1st, 2021, you'll no longer be able to spend the $1, $2, $25, $500 and $1,000 bills, but there's no need to rush out and use them.
The money won't lose its value. You'll still be able to turn it into your bank or send them back to the Bank of Canada.
"The removal of legal tender status on these older notes is one more step to reduce the number of counterfeit bank notes passed and seized in Canada," Ferron-Craig says. "The changes to legal tender status will ensure that Canadians have access to the most current bank notes with the latest security features so they can continue to use their bank notes with confidence."
"Counterfeiters tend to take the easy road by targeting bank notes with security features that are less challenging to replicate," she says.
Ferron-Craig also points out that most counterfeiters are trying to replicate the newer polymer notes, since paper bills aren't commonly used and might draw more attention from the person receiving it.
The loonie, introduced in 1987, replaced the one dollar bill, which stopped being issued in 1989.
The two dollar bill fell the same way. It stopped being issued in 1996 after the toonie came into circulation.
The $1,000 bill hasn't been issued since the year 2000.
Most people don't even know that Canada ever had a $25 bill.
It, along with a $500 bill, was printed only for a very short time in 1935 to commemorate King George V ascending to the throne.
The $500 bill is extremely rare, with only about 40 of them in existence.