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Value of 1998 Canadian Dollar today

$100 in 1998
$176.58 in 2024

The inflation rate in Canada between 1998 and today has been 76.58%, which translates into a total increase of $76.58. This means that 100 dollars in 1998 are equivalent to 176.58 dollars in 2024. In other words, the purchasing power of $100 in 1998 equals $176.58 today. The average annual inflation rate between these periods has been 2.21%.

Inflation timeline in Canada (1998 - 2024)

The following chart depicts the equivalence of $100 due to compound 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 extrapolated from the latest 12-month rolling average official data.

The following table contains relevant indicators:

Indicator Value
Cumulative inflation 1998-2023 72.14%
Cumulative inflation 1998-today 76.58%
Avg. Annual inflation 1998-2023 2.2%
CPI 1998 72.11
CPI 2023 124.13
CPI 2024-04 (latest official data) 126.89
CPI today 127.33

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 Consumer Price Index (CPI) formula or the compound interest formula.

Using the CPI formula

When we have both the start and end years, we can use the following formula:

Valuet =Value0 ×
CPIt/CPI0

To obtain the values equivalent in buying power between 1998 and 2023, use the corresponding CPI values:

Value2023
=Value1998 ×
CPI2023/CPI1998
=$ 100 ×
124.13/72.11
$172.14

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 127.33:

Valuetoday
=Value1998 ×
CPItoday/CPI1998
=$ 100 ×
127.33/72.11
$176.58

Alternative: Using the compound interest formula

Given that money changes with time as a result of an inflation rate that acts as compound interest, we can use the following formula: 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 25 years between 1998 and 2023 and the average inflation rate was 2.1964%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=$100 × (1 + 0.021964)25
$172.14

Canada inflation - Conversion table

Initial Value Equivalent value
$1 dollar in 1998 $1.72 dollars in 2023
$5 dollars in 1998 $8.61 dollars in 2023
$10 dollars in 1998 $17.21 dollars in 2023
$50 dollars in 1998 $86.07 dollars in 2023
$100 dollars in 1998 $172.14 dollars in 2023
$500 dollars in 1998 $860.71 dollars in 2023
$1,000 dollars in 1998 $1,721.42 dollars in 2023
$5,000 dollars in 1998 $8,607.1 dollars in 2023
$10,000 dollars in 1998 $17,214.21 dollars in 2023
$50,000 dollars in 1998 $86,071.04 dollars in 2023
$100,000 dollars in 1998 $172,142.08 dollars in 2023
$500,000 dollars in 1998 $860,710.42 dollars in 2023
$1,000,000 dollars in 1998 $1,721,420.85 dollars in 2023
Cumulative inflation From 1998 76.58%
Avg. annual inflation From 1998 2.21%
CPI 1998 72.11
CPI today 127.33

Value of Dollar over time (by year)

Period Value
1998 100
1999 101.73
2000 104.5
2001 107.14
2002 109.56
2003 112.58
2004 114.67
2005 117.21
2006 119.56
2007 122.11
2008 125.01
2009 125.38
2010 127.61
2011 131.33
2012 133.32
2013 134.57
2014 137.13
2015 138.68
2016 140.66
2017 142.91
2018 146.15
2019 149
2020 150.06
2021 155.16
2022 165.71
2023 172.14
2024-04 175.97
Today 176.58

All available years

Today's value of canadian dollar by year:

1914 | 1915 | 1916 | 1917 | 1918 | 1919 | 1920 | 1921 | 1922 | 1923 | 1924 | 1925 | 1926 | 1927 | 1928 | 1929 | 1930 | 1931 | 1932 | 1933 | 1934 | 1935 | 1936 | 1937 | 1938 | 1939 | 1940 | 1941 | 1942 | 1943 | 1944 | 1945 | 1946 | 1947 | 1948 | 1949 | 1950 | 1951 | 1952 | 1953 | 1954 | 1955 | 1956 | 1957 | 1958 | 1959 | 1960 | 1961 | 1962 | 1963 | 1964 | 1965 | 1966 | 1967 | 1968 | 1969 | 1970 | 1971 | 1972 | 1973 | 1974 | 1975 | 1976 | 1977 | 1978 | 1979 | 1980 | 1981 | 1982 | 1983 | 1984 | 1985 | 1986 | 1987 | 1988 | 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |

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