The bank is urging members of the public to propose design ideas for the note, which will be released before Canada Day in 2017.
The bank has set up a special web page where people can offer their ideas at http://www.bankofcanada.ca/banknotes/new-bank-note-canadas-150th.
The survey will run until Jan. 8.
Details on the denomination, the number of notes to be circulated and how they can be obtained are to be released later.
Canada has only issued two other commemorative bank notes.
A special $25 bill marked the silver jubilee of King George V in 1935, and in 1967 a $1 bill was issued with no serial number, just the stylized Maple Leaf that was the Centennial symbol.
The Centennial also saw the minting of commemorative coins with designs by artist Alex Colville.
The coins included a penny with a dove on the back, a nickel with a rabbit and a quarter with a bobcat.
Finance Minister Joe Oliver says he welcomes the idea of a special note for 2017.
"Canada’s current bank notes are not only innovative and secure, but are also important cultural touchstones that reflect and celebrate the Canadian experience," he said in a statement.
"I am sure this new commemorative note will capture what makes us all proud Canadians."
Note to readers: This is a corrected story. An earlier version had the wrong date for the King George V jubileeSuggest a correction