The Bank of Canada has unveiled the design of a new $20 banknote featuring a portrait of King Charles III, marking the first time the monarch has appeared on a Canadian banknote. The new note was officially unveiled on September 3, 2026, in Ottawa by Bank of Canada Governor Tiff Macklem, alongside government officials.
The new $20 note will have a vertical design, unlike Canada’s existing polymer banknotes, which are generally presented horizontally. The Bank of Canada said the note is scheduled to enter circulation in late February 2027. Existing $20 banknotes will remain legal tender after the new note is introduced.
King Charles III’s portrait appears on the front of the banknote. His inclusion follows a decision announced by the Government of Canada in May 2023 that the next $20 banknote would continue to feature the reigning monarch. The Bank of Canada is responsible for designing and producing Canada’s banknotes, while the composition and design are subject to approval by the federal finance minister.
The design also includes several elements intended to represent Canada’s history, natural environment and national identity. Botanical imagery is a major feature of the note, reflecting Canada’s diverse plant life. The Bank of Canada has also linked the botanical theme to King Charles III’s long-standing advocacy for environmental and sustainable action.
Maple leaves appear throughout the design and are incorporated into some of the banknote’s security features. The note also includes imagery connected to Canada’s military history, including the Canadian National Vimy Memorial and poppies. The Vimy Memorial commemorates Canadian soldiers who fought and died during the First World War.
Another feature of the design is its representation of Canada’s provinces and territories. The banknote incorporates floral emblems associated with Canada’s 13 provinces and territories, along with plants and flowers that have significance to Indigenous communities. These elements form part of the broader botanical theme used throughout the note.
The new banknote also introduces security features that the Bank of Canada says have not previously appeared on Canadian notes. Among them is a purple security stripe featuring dynamic visual effects. Other security elements include colour-shifting and moving effects involving maple leaves and poppies. The features are designed to help people verify the authenticity of the banknote.
The $20 denomination has particular significance in Canada’s cash system. The Bank of Canada describes the $20 as the country’s most widely used banknote. The new design therefore combines updated security technology with imagery intended to represent Canada.
The introduction of the note also represents a change in Canada’s royal portraiture on its currency. Queen Elizabeth II was previously featured on Canadian $20 banknotes. With King Charles III now reigning, the new note continues Canada’s established practice of featuring the reigning monarch on the $20 denomination. The Bank of Canada describes the new issue as the first Canadian banknote to carry King Charles III’s portrait and the first time in more than 70 years that a new monarch has appeared on the $20 denomination.
The new vertical $20 is part of a broader upcoming redesign of Canada’s banknotes. The Bank of Canada has also confirmed that a new vertical $5 note is being developed, with Terry Fox selected to appear on that denomination. The $5 note is expected to be issued after the new $20 and does not yet have a specific release date.
The new $20 banknote is expected to begin circulating in early 2027, giving Canadians time to become familiar with its vertical format, imagery and security features before it becomes part of everyday cash transactions.
