It might be time to cash those $1,000 bank notes hidden in your personal piggy bank. The Government of Canada will soon be eliminating the rare bills.
According to The Bank of Canada, the latest federal budget is seeking “to remove legal tender status from Canadian bank notes.”
“The Bank of Canada supports this initiative because it can help the Bank ensure that bank notes used by Canadians are current, in good condition, easy to use and difficult to counterfeit,” it said in a statement.
The $1,000 bill isn’t the only casualty.
Budget 2018 calls for the government to remove legal tender status from the $1, $2, $25, and also $500 bank notes. It would all have to be approved in parliament first.
We support the government’s initiative in today’s budget to seek the authority to remove legal tender status from certain older bank notes. Find out what it means for you: https://t.co/LCcBBkniqj pic.twitter.com/MaJM6Eygob
— Bank of Canada (@bankofcanada) February 27, 2018
“Removing … these older notes is expected to have little impact on most Canadians, as these denominations have not been produced in decades and are rarely used in transactions,” states the Bank of Canada. “Importantly, removal of legal tender status does not mean these notes will lose their face value; the Bank of Canada will continue to honour them.”
If the government approves this change, the Bank of Canada will let Canadians know how to redeem the affected currency. It’s also unclear at this time when they plan to do so, or how long the process would take.
There are currently no plans to remove legal tender status from any other bills, according to the Bank.
In the meantime, spend those $1,000 bills while you can.