diff --git a/build.sbt b/build.sbt
index 1bb4bd96..2221007a 100644
--- a/build.sbt
+++ b/build.sbt
@@ -20,7 +20,7 @@ inThisBuild(List(
 
 val monixVersion = "3.4.0"
 val minitestVersion = "2.9.6"
-val catsEffectVersion = "2.5.1"
+val catsEffectVersion = "3.2.0"
 
 // The Monix version with which we must keep binary compatibility.
 // https://github.com/typesafehub/migration-manager/wiki/Sbt-plugin
diff --git a/core/jvm/src/test/scala/monix/bio/TypeClassLawsForTaskRunSyncUnsafeSuite.scala b/core/jvm/src/test/scala/monix/bio/TypeClassLawsForTaskRunSyncUnsafeSuite.scala
index d9571bde..6edcabc0 100644
--- a/core/jvm/src/test/scala/monix/bio/TypeClassLawsForTaskRunSyncUnsafeSuite.scala
+++ b/core/jvm/src/test/scala/monix/bio/TypeClassLawsForTaskRunSyncUnsafeSuite.scala
@@ -17,7 +17,7 @@
 
 package monix.bio
 
-import cats.effect.{ContextShift, IO => CIO}
+import cats.effect.{IO => CIO}
 import cats.effect.laws.discipline._
 import cats.laws.discipline.{ApplicativeTests, BifunctorTests, CoflatMapTests, ParallelTests}
 import cats.kernel.laws.discipline.MonoidTests
diff --git a/core/shared/src/main/scala/monix/bio/BIOApp.scala b/core/shared/src/main/scala/monix/bio/BIOApp.scala
index e670514c..c3397308 100644
--- a/core/shared/src/main/scala/monix/bio/BIOApp.scala
+++ b/core/shared/src/main/scala/monix/bio/BIOApp.scala
@@ -17,10 +17,11 @@
 
 package monix.bio
 
-import cats.effect.{ConcurrentEffect, ContextShift, ExitCode, IOApp, Timer}
+import cats.effect.{ConcurrentEffect, ExitCode, IOApp}
 import monix.catnap.SchedulerEffect
 import monix.bio.instances.CatsConcurrentEffectForTask
 import monix.execution.Scheduler
+import cats.effect.Temporal
 
 /** Safe `App` type that executes a [[IO]].  Shutdown occurs after
   * the `IO` completes, as follows:
@@ -88,7 +89,7 @@ trait BIOApp {
     val app = new IOApp {
       override implicit lazy val contextShift: ContextShift[cats.effect.IO] =
         SchedulerEffect.contextShift[cats.effect.IO](scheduler)(cats.effect.IO.ioEffect)
-      override implicit lazy val timer: Timer[cats.effect.IO] =
+      override implicit lazy val timer: Temporal[cats.effect.IO] =
         SchedulerEffect.timerLiftIO[cats.effect.IO](scheduler)(cats.effect.IO.ioEffect)
       def run(args: List[String]): cats.effect.IO[ExitCode] =
         self.run(args).to[cats.effect.IO]
diff --git a/core/shared/src/main/scala/monix/bio/IO.scala b/core/shared/src/main/scala/monix/bio/IO.scala
index 3cfd5b09..6da6c311 100644
--- a/core/shared/src/main/scala/monix/bio/IO.scala
+++ b/core/shared/src/main/scala/monix/bio/IO.scala
@@ -22,11 +22,9 @@ import cats.effect.{
   Clock,
   Concurrent,
   ConcurrentEffect,
-  ContextShift,
   Effect,
   ExitCase,
   IO => CIO,
-  Timer,
   Fiber => _
 }
 import cats.{~>, CommutativeApplicative, Monoid, Parallel, Semigroup}
@@ -48,6 +46,7 @@ import scala.concurrent.{ExecutionContext, Future}
 import scala.util.{Failure, Success, Try}
 
 import monix.bio.tracing.{IOEvent, IOTrace}
+import cats.effect.Temporal
 
 /** `Task` represents a specification for a possibly lazy or
   * asynchronous computation, which when executed will produce an `A`
@@ -5453,11 +5452,11 @@ private[bio] abstract class TaskTimers extends TaskClocks {
     * [[monix.execution.Scheduler Scheduler]]
     * (that's being injected in [[IO.runToFuture]]).
     */
-  implicit def timer[E]: Timer[IO[E, *]] =
-    timerAny.asInstanceOf[Timer[IO[E, *]]]
+  implicit def timer[E]: Temporal[IO[E, *]] =
+    timerAny.asInstanceOf[Temporal[IO[E, *]]]
 
-  private[this] final val timerAny: Timer[IO[Any, *]] =
-    new Timer[IO[Any, *]] {
+  private[this] final val timerAny: Temporal[IO[Any, *]] =
+    new Temporal[IO[Any, *]] {
 
       override def sleep(duration: FiniteDuration): IO[Any, Unit] =
         IO.sleep(duration)
@@ -5469,8 +5468,8 @@ private[bio] abstract class TaskTimers extends TaskClocks {
   /** Builds a `cats.effect.Timer` instance, given a
     * [[monix.execution.Scheduler Scheduler]] reference.
     */
-  def timer[E](s: Scheduler): Timer[IO[E, *]] =
-    new Timer[IO[E, *]] {
+  def timer[E](s: Scheduler): Temporal[IO[E, *]] =
+    new Temporal[IO[E, *]] {
 
       override def sleep(duration: FiniteDuration): IO[E, Unit] =
         IO.sleep(duration).executeOn(s)
diff --git a/core/shared/src/main/scala/monix/bio/internal/TaskConversions.scala b/core/shared/src/main/scala/monix/bio/internal/TaskConversions.scala
index 06be60c7..1af9bd42 100644
--- a/core/shared/src/main/scala/monix/bio/internal/TaskConversions.scala
+++ b/core/shared/src/main/scala/monix/bio/internal/TaskConversions.scala
@@ -69,7 +69,7 @@ private[bio] object TaskConversions {
       case IO.Termination(e) => F.raiseError(e)
       case IO.Eval(thunk) => F.delay(thunk())
       case IO.EvalTotal(thunk) => F.delay(thunk())
-      case _ => F.async(cb => eff.runAsync(source)(r => { cb(r); CIO.unit }).unsafeRunSync())
+      case _ => F.async_(cb => eff.runAsync(source)(r => { cb(r); CIO.unit }).unsafeRunSync())
     }
 
   /** Implementation for `IO.fromEffect`.
diff --git a/core/shared/src/main/scala/monix/bio/internal/TaskParSequenceN.scala b/core/shared/src/main/scala/monix/bio/internal/TaskParSequenceN.scala
index 050e4643..dccd0a24 100644
--- a/core/shared/src/main/scala/monix/bio/internal/TaskParSequenceN.scala
+++ b/core/shared/src/main/scala/monix/bio/internal/TaskParSequenceN.scala
@@ -18,11 +18,11 @@
 package monix.bio.internal
 
 import cats.effect.ExitCase
-import cats.effect.concurrent.Deferred
 import monix.bio.{Cause, IO, Task, UIO}
 import monix.catnap.ConcurrentQueue
 import monix.execution.exceptions.UncaughtErrorException
 import monix.execution.{BufferCapacity, ChannelType}
+import cats.effect.Deferred
 
 private[bio] object TaskParSequenceN {
 
diff --git a/core/shared/src/test/scala/monix/bio/TaskBracketSuite.scala b/core/shared/src/test/scala/monix/bio/TaskBracketSuite.scala
index ecdb42a6..6fa0fa91 100644
--- a/core/shared/src/test/scala/monix/bio/TaskBracketSuite.scala
+++ b/core/shared/src/test/scala/monix/bio/TaskBracketSuite.scala
@@ -17,7 +17,6 @@
 
 package monix.bio
 
-import cats.effect.concurrent.Deferred
 import cats.laws._
 import cats.laws.discipline._
 import monix.execution.exceptions.{CompositeException, DummyException}
@@ -25,6 +24,7 @@ import monix.execution.internal.Platform
 
 import scala.util.{Failure, Success}
 import scala.concurrent.duration._
+import cats.effect.Deferred
 
 object TaskBracketSuite extends BaseTestSuite {
   test("equivalence with onErrorHandleWith") { implicit sc =>
diff --git a/core/shared/src/test/scala/monix/bio/TaskClockTimerAndContextShiftSuite.scala b/core/shared/src/test/scala/monix/bio/TaskClockTimerAndContextShiftSuite.scala
index fd85bb0f..c098df6c 100644
--- a/core/shared/src/test/scala/monix/bio/TaskClockTimerAndContextShiftSuite.scala
+++ b/core/shared/src/test/scala/monix/bio/TaskClockTimerAndContextShiftSuite.scala
@@ -19,12 +19,13 @@ package monix.bio
 
 import java.util.concurrent.TimeUnit
 
-import cats.effect.{Clock, ContextShift, Timer}
+import cats.effect.Clock
 import monix.execution.exceptions.DummyException
 import monix.execution.schedulers.TestScheduler
 
 import scala.concurrent.duration._
 import scala.util.{Failure, Success}
+import cats.effect.Temporal
 
 object TaskClockTimerAndContextShiftSuite extends BaseTestSuite {
   test("IO.clock is implicit") { _ =>
@@ -70,7 +71,7 @@ object TaskClockTimerAndContextShiftSuite extends BaseTestSuite {
   }
 
   test("IO.timer is implicit") { implicit s =>
-    assertEquals(IO.timer[Any], implicitly[Timer[IO[Any, *]]])
+    assertEquals(IO.timer[Any], implicitly[Temporal[IO[Any, *]]])
     assertEquals(IO.timer[Any].clock, implicitly[Clock[IO[Any, *]]])
   }
 
diff --git a/core/shared/src/test/scala/monix/bio/TaskConversionsKSuite.scala b/core/shared/src/test/scala/monix/bio/TaskConversionsKSuite.scala
index d5b33f0a..9963d195 100644
--- a/core/shared/src/test/scala/monix/bio/TaskConversionsKSuite.scala
+++ b/core/shared/src/test/scala/monix/bio/TaskConversionsKSuite.scala
@@ -17,7 +17,7 @@
 
 package monix.bio
 
-import cats.effect.{ContextShift, IO => CIO}
+import cats.effect.{IO => CIO}
 import monix.catnap.SchedulerEffect
 
 import scala.util.Success
diff --git a/core/shared/src/test/scala/monix/bio/TaskConversionsSuite.scala b/core/shared/src/test/scala/monix/bio/TaskConversionsSuite.scala
index a840e453..f09e521d 100644
--- a/core/shared/src/test/scala/monix/bio/TaskConversionsSuite.scala
+++ b/core/shared/src/test/scala/monix/bio/TaskConversionsSuite.scala
@@ -556,13 +556,13 @@ object TaskConversionsSuite extends BaseTestSuite {
       fa.io.runAsync(cb)
 
     override def async[A](k: (Either[Throwable, A] => Unit) => Unit): CEIO[A] =
-      CEIO(CIO.async(k))
+      CEIO(CIO.async_(k))
 
     override def asyncF[A](k: (Either[Throwable, A] => Unit) => CEIO[Unit]): CEIO[A] =
       CEIO(CIO.asyncF(cb => k(cb).io))
 
     override def suspend[A](thunk: => CEIO[A]): CEIO[A] =
-      CEIO(CIO.suspend(thunk.io))
+      CEIO(CIO.defer(thunk.io))
 
     override def flatMap[A, B](fa: CEIO[A])(f: A => CEIO[B]): CEIO[B] =
       CEIO(fa.io.flatMap(a => f(a).io))
diff --git a/core/shared/src/test/scala/monix/bio/TaskLikeConversionsSuite.scala b/core/shared/src/test/scala/monix/bio/TaskLikeConversionsSuite.scala
index 3490e94f..0d0b24ae 100644
--- a/core/shared/src/test/scala/monix/bio/TaskLikeConversionsSuite.scala
+++ b/core/shared/src/test/scala/monix/bio/TaskLikeConversionsSuite.scala
@@ -18,7 +18,7 @@
 package monix.bio
 
 import cats.Eval
-import cats.effect.{ContextShift, IO => CIO, SyncIO}
+import cats.effect.{IO => CIO, SyncIO}
 import cats.laws._
 import cats.laws.discipline._
 import cats.syntax.all._