Canada is getting a brand new $5 bill and it'll feature a Canadian icon

There's going to be a new face in your wallet very soon! Canada is getting a brand new $5 bill, and Sir Wilfrid Laurier will be stepping aside to make way for another famous Canadian face.

On Monday, December 16, as part of the Fall Economic Statement, the federal government confirmed that Terry Fox will be the new face of Canada's $5 banknote.

Describing Fox in the budget document as "a Canadian hero," officials explained the decision was made, in part, to encourage more Canadians to donate $5 to charitable causes like the one Fox championed.

Fox is known Canada-wide for his campaign to raise awareness and funding for cancer research after he was diagnosed with cancer at 18 years old.

In 1980, at just 22 years old, he embarked on the Marathon of Hope, a cross-Canada run to raise money for cancer research. Running with a prosthetic leg, Fox covered about 42 kilometres daily, showcasing his incredible determination and resilience.

His journey was cut short after 143 days and 5,373 kilometres when his cancer spread to his lungs. Fox died on June 28, 1981, but not before inspiring millions.

By the time his Marathon of Hope ended, Fox had raised $24.7 million for cancer research—equivalent to $1 for every Canadian at the time. His legacy continues today through annual Terry Fox Runs held worldwide, raising millions of dollars annually to fund cancer research.

"Through his efforts, the 22-year-old showed Canadians the difference that an ordinary person could make through sheer willpower and determination," the government said in the statement.

"Terry Fox's legacy transcends differences," Port Coquitlam mayor Brad West posted to X on Monday. Fox's hometown of Port Coquitlam, along with West, have been pushing to feature Fox on the $5 bill for years.

"On behalf of the people of Port Coquitlam, I want to express our immense pride that our hometown hero is being honoured as the new face on Canada's $5 bill," he said.

If you're wondering what'll happen to Sir Wilfrid Laurier, the former prime minister currently on Canada's $5 bill, he'll be sticking around on Canadian currency. Laurier will be moving up in the money world to the $50 bill in its next redesign.

It's not yet been confirmed whether William Lyon Mackenzie King, currently featured on Canada's $50 bill, will be added to a different note.

Exactly what the new $5 will look like is yet to be confirmed, but keep your eyes peeled for an inspiring, familiar face in your wallet in the months to come!

This article's cover image was used for illustrative purposes only.