The Federal Budget for 2018 came out yesterday and hidden deep within their 367 page document they dropped a bit of a bomb: they are planning on getting rid of several Canadian bills.
The $1,000, $500, $25, $2 and $1 bills will now be completely unusable. Even though most of them haven't been printed by the Bank of Canada for quite some time, there are still tons of them in circulation.
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The $1,000 bills, nicknamed "Pinkies" were super common in organized crime, because of how easy it was to transport the money. They've been trying to get rid of these bills since 2006, but they somehow just won't leave! People are just sitting on their piles of $1,000 bills.
Counterfiet, money laundering and tax evasion are a real problem, so that's why they're getting rid of the less-used bills.
Bad news for the collectors of old bills: you can't spend them anymore. They will still be accepted at Canadian banks. But, after giving you your money at face value, the bills will be destroyed, never to be used again.
The Government is trying to keep the bills in circulation more current. So, it's literally out with the old and in with the new for our Canadian bills.