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In theory, yes. Replace the film transport mechanism with an image sensor and all the electronics needed to go with it. If you have a complete electronics fabrication shop and the components and a couple of years to spend on the design, it could be done. Kodak used to do this with certain Canon and Nikon bodies, and such cameras sold for tens of thousands of dollars.
In practice, no. A conversion would cost you much, MUCH more than simply buying a new digital SLR.
In short, you won't. All Canon Digital SLR's use the same lens mounting system as your EOS 500n and new lenses are very expensive especially for those who have purchased full-frame models.
As a result, demand for the lenses which fit your camera is very high and so prices are high as well: it's just basic supply and demand economics. There were cheaply made kit lenses available with your camera when it was new, but like most kit lenses they weren't built to last, so most of the older ones are either non-functional or have been scrapped after owners upgraded. All that leaves are the higher quality, well built, lenses from the time your camera was made which are far cheaper than new lenses but still comparatively expensive.
If you want cheap lenses then you've picked the wrong system. Buy an older FD mount Canon SLR if you want to stay with Canon; you'll then find that lenses are so cheap that they're often offered for free on your local FreeCycle group. The same source is where I've got all of my manual focus (and some AF) SLR equipment over the last few years.
All canon EF and EF-S lenses work with 500D /T1i model.(yes all) If your lens is removed from old 500N body and if it has EF marked it will work for every Digital camera model of canon. Note: its focal length will be multiplied by 1.6 X factor. (mean 18 mm lens will become 29mm approx.) If you find this of help rate me.
All canon EF lenses (and compatibles e.g. Sigma EX) can be used with both analog and digital EOS-bodies. Depending on the sensor size (usually smaller than a 35 mm negative) a crop-factor due to the smaller field of view must be considered.
Example: Canon EF 50mm/1.8 lens used on a digital EOS (40D, crop factor 1.6) equals a 80mm lens (50mm x 1.6) compared to analog cameras using 35mm film.
Some digital EOS-models can also use EF-S lens-series.