diff --git a/CHANGELOG.md b/CHANGELOG.md
index 55dd202fe608dfbd2784f8a8ec91e2ea686fda80..3e1861a8383b1cc9095464bfac3fef156118ea0b 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -8,6 +8,7 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ### Changed
 - Update `cargo contract new` template dependencies to ink! `rc4` - [#332](https://github.com/paritytech/cargo-contract/pull/332)
+- Update `cargo contract new` template dependencies to ink! `rc5` - [#335](https://github.com/paritytech/cargo-contract/pull/335)
 
 ## [0.14.0] - 2021-08-12
 
diff --git a/README.md b/README.md
index 960db82e9242e943775701926bc15557857ca839..2de6cd156c2b71f8472bda7ec8657adca3fcd251 100644
--- a/README.md
+++ b/README.md
@@ -32,7 +32,7 @@ More relevant links:
 * Talk to us on [Element][b2] or [Discord][c2]
 * [`ink!`](https://github.com/paritytech/ink) ‒ The main ink! repository with smart contract examples
 * [Canvas UI](https://paritytech.github.io/canvas-ui/#/upload) ‒ Frontend for contract deployment and interaction
-* [Canvas Node](https://github.com/paritytech/canvas-node) ‒ Simple Substrate blockchain which includes smart contract functionality
+* [Substrate Contracts Node](https://github.com/paritytech/substrate-contracts-node) ‒ Simple Substrate blockchain which includes smart contract functionality
 
 
 ## Installation
diff --git a/templates/new/_Cargo.toml b/templates/new/_Cargo.toml
index cb3be3905707f2acc798a50e1526d0613e83728a..341303636a75304c9d3a28b7594163884c4382bd 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-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 }
+ink_primitives = { version = "3.0.0-rc5", default-features = false }
+ink_metadata = { version = "3.0.0-rc5", default-features = false, features = ["derive"], optional = true }
+ink_env = { version = "3.0.0-rc5", default-features = false }
+ink_storage = { version = "3.0.0-rc5", default-features = false }
+ink_lang = { version = "3.0.0-rc5", 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 }