The next Canon firmware update for the Canon EOS R5 is still on schedule to be released sometime in February 2021 I have been told. The same source also suggested that the new firmware is already out there in beta form in loaner cameras, though I have not been able to confirm that. Some people take their NDA’s seriously I guess!
There are also more long-term plans to add features to both the Canon EOS R5 and Canon EOS R6 over the next 12-24 months. Keep flooding Canon with what you’d like to see added to both cameras, they are listening.
The next Canon EOS R5 firmware will include
Canon Cinema RAW light addition
1080p @ 120fps
I was not given an update on new firmware for the Canon EOS R6.