I am thinking that, due to COVID-19, plus a tough economy as of lately, the new $5 bill may not come until 2023 or so. It's interesting to note that the Federal Government was supposed to deliver its 2020-21 budget on March 30, but we still have no new date set for delivering the budget due to COVID-19 and a rapidly growing deficit for Canada which could top one trillion dollars by the time 2021 rolls around. I know my province is expecting to deliver its provincial budget later in September, but I think there is a correlation between a very late delivery of a budget and public service layoffs in any government.
I also think that, if the Queen retires or passes away, a non-royal figure may appear in her place, unless there is a law that requires a royal figure on our $20 bill, in which case the current Prince Charles may take over. If the $10 bill gets retired due to many, many years of low demand and nearly every bank in Canada discontinues ordering them, I can see Viola Desmond appearing on the $20 after the Queen retires or passes away, assuming there is no law requiring royal figures to appear on our $20 bill. $10 bills do not seem to get ordered very much anymore (if they get ordered, it's very, very small quantities), and although the number of $10 bills in circulation is increasing, it is only in tiny increments, and with that said, I think the tiny increases in $10 bills in Canada is due to people hoarding $10 bills in case they get retired someday and will be treated as collectors' items down the road.
