Terry Fox has been selected to appear on the next $5 bank note.

The federal government made the revelation in its fall economic statement on Monday.

Fox is a Canadian icon who campaigned for cancer research by running his Marathon of Hope in 1980.

An amputee himself after losing his leg to cancer, Fox鈥檚 marathon raised more than $24 million dollars 鈥� $1 for every Canadian at the time.

He was the youngest person to be named a Companion of the Order of Canada before his death in 1981 when his cancer spread to his lungs.

The annual fundraising run in his name has raised more than $850 million for cancer research.

In 2020 the Bank of Canada held a six-week public consultation, and Fox was among eight 鈥渋conic Canadians鈥� who were shortlisted from more than 600 nominations.

The fall economic statement says Fox鈥檚 addition to the $5 bill is 鈥渢o inspire more Canadians to give $5 to the cause that Terry Fox championed.鈥�

鈥淭hrough his efforts, the 22-year-old showed Canadians the difference that an ordinary person could make through sheer willpower and determination,鈥� reads a passage from the economic update.

Fox will replace Sir Wilfrid Laurier, who will move from the $5 bill to the $50 note. It鈥檚 unclear what will come of William Lyon Mackenzie King who is currently on the $50 bill.

鈥淭erry Fox鈥檚 legacy transcends differences,鈥� said Port Coquitlam mayor Brad West in a statement posted to X. The city 鈥� Fox鈥檚 hometown 鈥� was behind an effort to get Fox on the $5 bill, with West writing letters to the governor of the Bank of Canada pushing for it.

鈥淥n 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鈥檚 $5 bill.鈥�