Canadians will see a redesigned $20 bill in early 2027 featuring new anti-counterfeiting technology never before used on a Canadian banknote, Bank of Canada governor Tiff Macklem says.Speaking to the Metro Montréal Chamber of Commerce, Macklem said the vertically oriented $20 will combine multiple security innovations into a single note, though details remain under wraps until its official unveiling.“Our newest banknote will be issued in early 2027,” Macklem said. “The new vertical $20 will showcase an innovation in anti-counterfeiting security.”He said the bank has previously used three-dimensional elements and motion-based features separately, but the new $20 will integrate both for the first time.“We’ve used three dimensional features before and we’ve used features that shift when the note is moved,” Macklem said. “Our $20 note will combine these two technologies for the first time. I wish I could tell you more but you’ll have to wait for the unveiling next year.”Blacklock's Reporter said Macklem did not give a specific release date but confirmed the front of the new bill will feature King Charles III, while the reverse will depict the Canadian National Vimy Memorial..He also confirmed the bank is moving ahead with plans to remove former prime minister Wilfrid Laurier from the $5 bill. A redesigned $5 featuring Terry Fox is expected to follow the new $20, after years of delays.“A new $5 note will follow soon after picturing Terry Fox,” Macklem said. “Work has also begun to develop larger denominations, the $50 and the $100, to build on the security features of this new series of notes.”Macklem said cash remains a priority for the central bank despite the growth of electronic payments.“To be good money, cash also needs to be accessible,” he said. “Even as other forms of payment are growing faster than cash, we are committed to ensuring Canadians continue to have access to cash.”The bank first announced plans to replace Laurier in 2018, though the scheduled 2023 release of the Terry Fox $5 was postponed during the pandemic.Public submissions at the time produced a shortlist of seven other potential replacements, including Siksika First Nation Chief Crowfoot, Inuit artist Piteolak Ashoona, Quebec journalist Robertine Barry, indigenous combat veteran Francis Pegahmagabow, Chinese-Canadian advocate Won Cumyow, humanitarian Lotta Hitschmanova, and Mohawk Chief Frederick Loft..In 2018, the bank removed Sir John A. Macdonald from the $10 note, replacing Canada’s first prime minister with civil rights activist Viola Desmond. Bank officials later signalled that former wartime prime ministers Robert Borden and William Lyon Mackenzie King could also be removed from future $100 and $50 designs.Internal Bank of Canada research released in 2019 suggested strong public support for the shift. When asked whether Canada’s banknotes should feature great Canadians from fields beyond politics, 82% agreed. Asked whether portraits of former prime ministers should be replaced on future designs, 76% said they approved.
