Effective 1 January 2021 the banknotes of denominations no longer produced, i.e. 1; 2; 25; 500 and 1,000 dollars will cease to be legal tender. These will still be redeemable at Bank of Canada without time limit.
Old banknotes of 5, 10, 20, 50 and 100 dollars remain legal tender, although the public may have trouble using very old ones, as merchants are no longer used to see them and may think they are no longer valid.
Many of the the old notes do have a substantial value for numismatic purposes. especially those dated 1937 and before..
Source: Bank of Canada
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