The World Wide Web Consortium announced today that the definition is now complete for HTML5 and Canvas 2D specifications. While feature-complete, HTML5 and Canvas 2D aren't yet approved W3C standards. The W3C also announced today the first drafts of HTML 5.1 and Canvas 2D Level 2.
Broad HTML5 interoperability is expected in 2014 by the HTML Working Group with a stable HTML5 Recommendation release. Among the additions to HTML5 is the canvas element with 2D drawing support, timed media playback, offline web application support, drag-and-drop, cross-document messaging, microdata, web storage support, geolocation, and much more.
For a 2016 release, the World Wide Web Consortium is planning HTML 5.1 and Canvas 2D Level 2. The first drafts that were published today though don't offer too many details and will gain a lot more over the next few years.
For more details on today's W3C announcements, see W3.org