Canadian icon and activist Terry Fox is set to appear on the country's next $5 bill. 

The news was announced in Canada's 2024 Fall Economic Statement (FES) and described Fox as a "Canadian hero," who campaigned to raise awareness and funding for 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 budget document reads. 

By February 1981, the cross-country Marathon of Hope had raised $24.7 million, which was then equivalent to $1 for every Canadian. Fox's 42-kilometre daily run was interrupted just past the halfway point when his cancer spread to his lungs, and ultimately took his life. 

Still, his legacy lives on, as Terry Fox Runs continue to be held annually across the country and worldwide to raise money for cancer research. 

To inspire more Canadians to give $5 to the cause that Fox championed, the Canadian athlete will appear on the next $5 bank note.

The federal government says that Sir Wilfrid Laurier will move from the $5 banknote to appear on the next version of the $50 note. 

#BREAKING: It’s FINALLY happening, Terry Fox will be on the $5 bill pic.twitter.com/elrJBUW5Fo

— Made In Canada (@MadelnCanada) December 16, 2024

While a design has not yet been released, unofficial third-party mock-ups have been shared online and offer an idea of what the new banknotes may look like.