diff --git a/CHANGELOG.md b/CHANGELOG.md
index f5f5ed1849..aa33cb3695 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -8,6 +8,10 @@ The `dfx cycles` command no longer needs nor accepts the `--cycles-ledger-canist
 
 ### chore: removed ic-ref from the binary cache
 
+### chore: updated dependencies for new rust projects
+
+Updated to candid 0.10, ic-cdk 0.12, and ic-cdk-timers 0.6
+
 # 0.15.3
 
 ### fix: allow `http://localhost:*` as `connect-src` in the asset canister's CSP
diff --git a/src/dfx/assets/new_project_rust_files/src/__project_name___backend/Cargo.toml b/src/dfx/assets/new_project_rust_files/src/__project_name___backend/Cargo.toml
index d0ce206213..6118f8f08e 100644
--- a/src/dfx/assets/new_project_rust_files/src/__project_name___backend/Cargo.toml
+++ b/src/dfx/assets/new_project_rust_files/src/__project_name___backend/Cargo.toml
@@ -9,6 +9,6 @@ edition = "2021"
 crate-type = ["cdylib"]
 
 [dependencies]
-candid = "0.8"
-ic-cdk = "0.7"
-ic-cdk-timers = "0.1" # Feel free to remove this dependency if you don't need timers
+candid = "0.10"
+ic-cdk = "0.12"
+ic-cdk-timers = "0.6" # Feel free to remove this dependency if you don't need timers