Yes, I heard there are plans to replace it. Apparently, many Canadians are not too pleased with the stereotypical references to Canada (igloo, eskimo, etc). I mean I am Canadian and have never seen an igloo or an eskimo. Many felt that it gives America a wrong view of Canada. Also, it really needs to be updated.
O'Canada has been running since the 1980's and that Canadian Tourism board are unhappy because it shows a dated view of the country.