Chances are you probably have some old cash lying around somewhere that a family member might have given you from back in the day. Although you haven't actually used it to buy anything, it's pretty cool to have. It's interesting to compare the differences in how our Canadian bills look now to the ones that were produced almost a century ago.
It turns out that soon enough all you will be able to do is admire that antique cash. Upcoming changes to legal tender status for older bank notes is about to be put in place, as per the 2018 Federal Budget.
Basically, removing legal tender status means that certain money could no longer be used to pay for something. It becomes completely useless in stores. True, handing over a $25 Canadian bill from the 1930's to a cashier probably doesn't get you too far even when it's still legal to use, but it's all about the idea that you could use your granparents' old cash if you really wanted to.
The initiative that's supported by the Bank of Canada will be removing legal tender status from $1, $2, $25, $500 and $1000 bills. This is in hopes that the cash will officially be taken out of circulation, and people will only use newly produced bank notes.
Thankfully, for now you can still use your $500 bill next time you go shopping. It's expected that in the near future the only way to be able to redeem the value of your bank note will be to send them to the Bank of Canada. There they will destroy your historic treasure and send you your money back in fresh, crisp 2018 bank notes.
Don't be so quick to send your money off to be swapped, though. It turns out that some of the older bills, such as the $25 and $500 notes, were only produced for a short time way back in 1935. This means there's quite a bit more value to it than you think. Your best bet is if you have these notes somewhere, go get them appraised. You may land yourself in so much cash you won't even be upset you have to part ways with your beloved old-timer money.
For most of us, the loss of these bills doesn't really mean anything. So luckily nothing is really going to change in terms of money in the country. For others, well, it may be time to go on a bit of a shopping spree while you still can.