Interesting. The $1, $2, $25, $500 and $1,000 bills will no longer have legal tender status as of Jan. 1, 2021, meaning they will longer be accepted in cash transactions. The move was approved by Parliament in 2018. https://www.cbc.ca/news/canada/edmonton/canadian-currency-legal-tender-1.5844775
I wonder if the gov't is also doing this for purposes of ferreting out illicit money such as laundering, black market, and drug organizations.
I heard about this. Just to clarify, they don't lose their value- they lose "legal tender status", which is an entirely different thing. Private banks, as well as the bank of Canada will exchange them indefinitely. (Personally, I've got no interest in swapping my Canadian 1 and 2 dollar bills. They're worth more than face anyways. I wish I had a 1000 though!) From Bank of Canada: "In short, removing legal tender status means that some older bank notes will no longer have the official status of being approved for payments of debt. Essentially, that means you may no longer be able to spend that 1935 $25 bank note to buy items at a store. But these bank notes will not lose their face value. If you have any of them, you will still be able to take them to your financial institution or send them to the Bank of Canada to redeem their value." The thing that actually loses value at the end of this year are Spanish peseta coins and notes, so if you've got any, best to get those to the Banco de España as soon as possible and convert them into Euro.
NOPE! Most illicit transactions are now in BITCOIN/ other cryto currencies. A $1000 bill in 2020 has same real value as a $20 bill in 1960. But back then a $1000 bill was a fair chunk of change.
