diff --git a/CHANGELOG.md b/CHANGELOG.md
index 13c73b8422d5f32d36ec11d546b1d2b0af749acd..55dd202fe608dfbd2784f8a8ec91e2ea686fda80 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -6,6 +6,9 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ## [Unreleased]
 
+### Changed
+- Update `cargo contract new` template dependencies to ink! `rc4` - [#332](https://github.com/paritytech/cargo-contract/pull/332)
+
 ## [0.14.0] - 2021-08-12
 
 ### Added
diff --git a/templates/new/_Cargo.toml b/templates/new/_Cargo.toml
index fab1c15d95df0f29b4cd4479e6e86e8e9e2db4ee..cb3be3905707f2acc798a50e1526d0613e83728a 100644
--- a/templates/new/_Cargo.toml
+++ b/templates/new/_Cargo.toml
@@ -6,11 +6,11 @@ edition = "2018"
 resolver = "2"
 
 [dependencies]
-ink_primitives = { version = "3.0.0-rc3", default-features = false }
-ink_metadata = { version = "3.0.0-rc3", default-features = false, features = ["derive"], optional = true }
-ink_env = { version = "3.0.0-rc3", default-features = false }
-ink_storage = { version = "3.0.0-rc3", default-features = false }
-ink_lang = { version = "3.0.0-rc3", default-features = false }
+ink_primitives = { version = "3.0.0-rc4", default-features = false }
+ink_metadata = { version = "3.0.0-rc4", default-features = false, features = ["derive"], optional = true }
+ink_env = { version = "3.0.0-rc4", default-features = false }
+ink_storage = { version = "3.0.0-rc4", default-features = false }
+ink_lang = { version = "3.0.0-rc4", default-features = false }
 
 scale = { package = "parity-scale-codec", version = "2.1", default-features = false, features = ["derive"] }
 scale-info = { version = "0.6.0", default-features = false, features = ["derive"], optional = true }