Value of 1956 Canadian Dollar today

$100 in 1956

$944.38 in 2018

The inflation rate in Canada between 1956 and today has been 844.38%, which translates into a total increase of $844.38. This means that 100 dollars in 1956 are equivalent to 944.38 dollars in 2018. In other words, the purchasing power of $100 in 1956 equals $944.38 today. The average annual inflation rate has been 3.63%.

Inflation timeline in Canada (1956-2018)

The following chart ilustrates the equivalence of $100 throughout the years due to inflation and CPI changes. All values are equivalent in terms of purchashing power, which means that for each year the same goods or services could be bought with the indicated amount of money.

All calculations are performed in the local currency (CAD) and using 6 decimal digits. Results show only up to 2 decimal digits to favour readability. Inflation data is provided by governments and international institutions on a monthly basis. Today's values were obtained by estimating figures from recent trends.

The following table contains relevant indicators:

Indicator Value
Total Inflation (1956-2018) 821.13%
Total Inflation* 844.38%
Annual inflation avg. (1956-2018) 3.65%
Annual inflation avg.* 3.63%
CPI 1956 11.22
CPI 2018 103.34
CPI today* 105.95
$1 in 1956 $9.21 in 2018

* Values extrapolated from the last official data to obtain today's values.

How to calculate today's value of money after inflation?

There are several ways to calculate the time value of money. Depending on the data available, results can be obtained by using the compound interest formula or the Consumer Price Index (CPI) formula.

Using the compound interest formula

Given that money changes in time as a result of an inflation rate that acts as a compound interest, the following formula can be used: FV = PV (1 + i)n, where:

  • FV: Future Value
  • PV: Present Value
  • i: Interest rate (inflation)
  • n: Number of times the interest is compounded (i.e. # of years)

In this case, the future value represents the final amount obtained after applying the inflation rate to our initial value. In other words, it indicates how much are $100 worth today. There are 62 years between 1956 and 2018 and the average inflation rate has been 3.6283%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = $100 * (1 + 0.04)62 = $921.13

Using the CPI formula

When the CPI for both start and end years is known, the following formula can be used:

Final value = Initial value *
CPI final/CPI initial

In this case, the CPI in 1956 was 11.22 and the CPI today is 105.95. Therefore,

Final value = Initial value *
CPI final/CPI initial
= $100 *
103.34/11.22
= $921.13

Canada inflation - Conversion table

Initial Value Equivalent value
$1 dollar in 1956 $9.44 dollars today
$5 dollars in 1956 $47.22 dollars today
$10 dollars in 1956 $94.44 dollars today
$50 dollars in 1956 $472.19 dollars today
$100 dollars in 1956 $944.38 dollars today
$500 dollars in 1956 $4,721.88 dollars today
$1,000 dollars in 1956 $9,443.76 dollars today
$5,000 dollars in 1956 $47,218.81 dollars today
$10,000 dollars in 1956 $94,437.62 dollars today
$50,000 dollars in 1956 $472,188.09 dollars today
$100,000 dollars in 1956 $944,376.17 dollars today
$500,000 dollars in 1956 $4,721,880.86 dollars today
$1,000,000 dollars in 1956 $9,443,761.71 dollars today

Value of Dollar in time (by year)

Period Value
1956 100
1957 102.82
1958 104.93
1959 107.75
1960 109.15
1961 110.56
1962 110.56
1963 112.68
1964 114.79
1965 116.9
1966 120.42
1967 124.65
1968 129.58
1969 135.21
1970 141.55
1971 142.96
1972 150
1973 157.75
1974 172.54
1975 194.37
1976 212.68
1977 224.65
1978 245.77
1979 266.9
1980 292.96
1981 325.35
1982 364.79
1983 398.59
1984 416.9
1985 432.39
1986 451.41
1987 470.42
1988 490.14
1989 509.16
1990 535.92
1991 562.68
1992 583.8
1993 596.48
1994 606.34
1995 607.75
1996 618.31
1997 631.69
1998 636.62
1999 642.96
2000 659.86
2001 680.99
2002 685.92
2003 711.97
2004 726.76
2005 742.25
2006 757.75
2007 770.42
2008 788.73
2009 797.89
2010 808.45
2011 827.47
2012 846.48
2013 853.52
2014 864.08
2015 876.76
2016 890.85
2017 904.23
2018 921.13
Today 944.38