The federal government announced yesterday that they would pay tribute to Canadian hero Terry Fox by featuring him on the next $5 bank note.

The process of replacing Sir Wilfrid Laurier on the bill began nearly five years ago, when the Bank of Canada held an open nomination for the honour and received upwards of 600 submissions.

The Fox Family issued a statement thanking everyone involved and saying they’re truly grateful.

An independent advisory council narrowed the nominees down to a shortlist of eight names and Canadians were surveyed on their choice from that selection, but the ultimate decision came down to Chrystia Freeland, as finance minister.

Her choice was included in in the 2024 Fall Economic Statement released yesterday afternoon, just hours after after she made the shocking decision to resign from her cabinet position.

Terry Fox was a truly admired Canadian who began the Marathon of Hope in April of 1980 with the intention of running across Canada to raise money and awareness for Cancer Research. His right leg had been amputated years earlier, due to osteosarcoma. He sadly had to stop the journey due to failing health in September.

However, he was about to raise  $24.7 million, achieving his dream of collecting $1 for every person living in Canada at that time.

Sadly, Terry passed away at age 22 on June 28th, 1981.

In his honour, the annual Terry Fox Runs that have been held throughout Canada and in several other countries since have raised roughly $800 million more for cancer research.

Wilfred Laurier will be added to the next version of the $50 bill. It’s not yet known whether William Lyon Mackenzie King, who is currently featured on the bank note, will be added to a different bill.