# Value of 1998 Canadian Dollar today

\$100 in 1998

\$152.04 in 2021

The inflation rate in Canada between 1998 and today has been 52.04%, which translates into a total increase of \$52.04. This means that 100 dollars in 1998 are equivalent to 152.04 dollars in 2021. In other words, the purchasing power of \$100 in 1998 equals \$152.04 today. The average annual inflation rate has been 1.76%.

## Inflation timeline in Canada (1998-2021)

The following chart depicts the equivalence of \$100 throughout the years due to inflation and CPI changes. All values are equivalent in terms of purchasing 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 (1998-2021) 51.99%
Total Inflation* 52.04%
Annual inflation avg. (1998-2021) 1.84%
Annual inflation avg.* 1.76%
CPI 1998 71.42
CPI 2021 108.56
CPI today* 108.6
\$1 in 1998 \$1.52 in 2021

* 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 with 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 23 years between 1998 and 2021 and the average inflation rate has been 1.7612%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = \$100 * (1 + 0.02)23 = \$151.99

#### 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 1998 was 71.42 and the CPI today is 108.6. Therefore,

Final value = Initial value *
CPI final/CPI initial
= \$100 *
108.56/71.42
= \$151.99

### Canada inflation - Conversion table

Initial Value Equivalent value
\$1 dollar in 1998 \$1.52 dollars today
\$5 dollars in 1998 \$7.6 dollars today
\$10 dollars in 1998 \$15.2 dollars today
\$50 dollars in 1998 \$76.02 dollars today
\$100 dollars in 1998 \$152.04 dollars today
\$500 dollars in 1998 \$760.22 dollars today
\$1,000 dollars in 1998 \$1,520.44 dollars today
\$5,000 dollars in 1998 \$7,602.19 dollars today
\$10,000 dollars in 1998 \$15,204.38 dollars today
\$50,000 dollars in 1998 \$76,021.89 dollars today
\$100,000 dollars in 1998 \$152,043.78 dollars today
\$500,000 dollars in 1998 \$760,218.92 dollars today
\$1,000,000 dollars in 1998 \$1,520,437.84 dollars today

Period Value
1998 100
1999 101
2000 103.65
2001 106.97
2002 107.74
2003 111.84
2004 114.16
2005 116.59
2006 119.03
2007 121.02
2008 123.89
2009 125.33
2010 126.99
2011 129.98
2012 132.96
2013 134.07
2014 135.73
2015 137.72
2016 139.93
2017 142.04
2018 144.69
2019 147.57
2020 150.88
2021 151.99
Today 152.04