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I've paid off my Tab now, after two years.

Currently pay $50 a month for unlimited mins, texts and 12gb data.

I want to get the new deal which is $39 a month for the same with 20gb data, but using my current number that I've had for years.

 

Is my only option to create a new line and have a new number?

If you create a new line to get the promo plan, then you will have 2 line on your account.  ($50 plan + $39 plan)

And new line will gave a new number. You can not transfer your existing number to your new line. 
 

This new promo is only for a new customer on BYOD.
 


There are other carriers who also do the same and offer the $39 plan for new customers only. It may be easier that way


Some have also had some success by phoning and asking to be transferred Loyalty.  Then mention that Virgin and Fido will gladly will give you the deal.  Or contact Koodo through Messenger.   If this fails, jump carriers as Dennis said above.