Canadian hero Terry Fox being featured on next $5 bill

The federal government is paying tribute to Canadian hero Terry Fox by featuring him on the next $5 bank note, officials revealed Monday.

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.

In a statement, the Fox family thanked everyone involved with compiling, reviewing and voting on those nominees.

"We are truly grateful," the family said, in a statement provided by the Terry Fox Foundation.

"We hope when the 'Terry Fox fiver' lands in the wallets and pockets of Canadians, that they will consider Terry’s vision of eradicating cancer through research."

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 Monday afternoon, hours after she resigned from her cabinet position.

The document briefly outlines the legacy of Fox's Marathon of Hope, when the young Port Coquitlam, B.C., resident attempted to run across the country on his prosthetic leg.

His right leg had been amputated years earlier, due to osteosarcoma.

While his journey was tragically cut short by his hospitalization in 1981, he had already managed to raise $24.7 million for cancer research – achieving his dream of collecting $1 for every person living in Canada at that time.

"His run was interrupted just past the halfway point when the cancer reached his lungs, and ultimately took his life," it reads. "Through his efforts, the 22-year-old showed Canadians the difference that an ordinary person could make through sheer willpower and determination."

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, according to the Terry Fox Foundation.

On social media, B.C. Premier David Eby and Port Coquitlam Mayor Brad West both applauded the move to celebrate Fox on Canada's currency.

"His courage and determination continues to inspire and unite not just his hometown of Port Coquitlam, but people from all over the world," West wrote Monday. 

Laurier will be added to the next version of the $50 bill, according to the Fall Economic Statement. It's unclear whether William Lyon Mackenzie King, who is currently featured on the bank note, will be added to a different bill.