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Although the Queen of England is featured predominantly on Canada's currency, the new note will showcase a Canadian - either by birth or naturalization - who has shown leadership or achievement in the service of the country.
Finance Minister Bill Morneau in making the announcement noted that, with the exception of the queen, women have "largely been unrepresented" on Canada's bank notes.
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Celine Dion need not apply - to the chagrin of at least one Twitter commentator - because candidates also must have been deceased for at least 25 years.
Nominations submitted to the Bank of Canada will be reviewed by an independent advisory council made up of academics and other experts that will draw up a short list to be submitted to the finance minister. The new note will be issued in 2018.
Following the announcement, which coincided with International Women's Day, the Bank of Canada tweeted that the first name submitted was Canadian suffragist Nellie McClung, who died in 1951.
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The Bank of Canada did not specify which bank note would feature the iconic woman.
The move follows in the footsteps of the United States, which last year announced it would feature the face of a woman on a redesigned $10 bill to be unveiled in 2020.
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