Value of $1 from 1971 to 2024
$1 in 1971 is equivalent in purchasing power to about $7.60 today, an increase of $6.60 over 53 years. The dollar had an average inflation rate of 3.90% per year between 1971 and today, producing a cumulative price increase of 660.42%.
This means that today's prices are 7.60 times as high as average prices since 1971, according to Statistics Canada consumer price index. A dollar today only buys 13.158% of what it could buy back then.
The inflation rate in 1971 was 2.70%. The current inflation rate compared to the end of last year is now 1.15%. If this number holds, $1 today will be equivalent in buying power to $1.01 next year.
⌃
| Cumulative price change | 660.42% |
| Average inflation rate | 3.90% |
| Converted amount $1 base | $7.60 |
| Price difference $1 base | $6.60 |
| CPI in 1971 | 20.883 |
| CPI in 2024 | 158.800 |
| Inflation in 1971 | 2.70% |
| Inflation in 2024 | 1.15% |
| $1 in 1971 | $7.60 in 2024 |
Buying power of $1 in 1971
This chart shows a calculation of buying power equivalence for $1 in 1971 (price index tracking began in 1914).
For example, if you started with $1, you would need to end with $7.60 in order to "adjust" for inflation (sometimes refered to as "beating inflation").
When $1 is equivalent to $7.60 over time, that means that the "real value" of a single Canadian dollar decreases over time. In other words, a dollar will pay for fewer items at the store.
This effect explains how inflation erodes the value of a dollar over time. By calculating the value in 1971 dollars, the chart below shows how $1 is worth less over 53 years.
According to Statistics Canada, each of these CAD amounts below is equal in terms of what it could buy at the time:
This conversion table shows various other 1971 amounts in today's dollars, based on the 660.42% change in prices:
| Initial value | Equivalent value |
|---|---|
| $1 dollar in 1971 | $7.60 dollars today |
| $5 dollars in 1971 | $38.02 dollars today |
| $10 dollars in 1971 | $76.04 dollars today |
| $50 dollars in 1971 | $380.21 dollars today |
| $100 dollars in 1971 | $760.42 dollars today |
| $500 dollars in 1971 | $3,802.08 dollars today |
| $1,000 dollars in 1971 | $7,604.15 dollars today |
| $5,000 dollars in 1971 | $38,020.75 dollars today |
| $10,000 dollars in 1971 | $76,041.50 dollars today |
| $50,000 dollars in 1971 | $380,207.50 dollars today |
| $100,000 dollars in 1971 | $760,415.00 dollars today |
| $500,000 dollars in 1971 | $3,802,075.02 dollars today |
| $1,000,000 dollars in 1971 | $7,604,150.04 dollars today |
How to calculate inflation rate for $1 since 1971
Our calculations use the following inflation rate formula to calculate the change in value between 1971 and today:
CPI today CPI in 1971
×
1971 CAD value
=
Today's value
Then plug in historical CPI values. The Canadian CPI was 20.88333333 in the year 1971 and 158.8 in 2024:
158.820.88333333
×
$1
=
$7.60
$1 in 1971 has the same "purchasing power" or "buying power" as $7.60 in 2024.
To get the total inflation rate for the 53 years between 1971 and 2024, we use the following formula:
CPI in 2024 - CPI in 1971CPI in 1971
×
100
=
Cumulative inflation rate (53 years)
Plugging in the values to this equation, we get:
158.8 - 20.8833333320.88333333
×
100
=
660%
Data source & citation
Raw data for these calculations comes from the government of Canada's annual Consumer Price Index (CPI), established in 1914 and computed by Statistics Canada (StatCan).
You may use the following MLA citation for this page: “$1 in 1971 → 2024 | Canada Inflation Calculator.” Official Inflation Data, Alioth Finance, 18 Dec. 2024, https://www.officialdata.org/canada/inflation/1971?amount=1.
Special thanks to QuickChart for their chart image API, which is used for chart downloads.
in2013dollars.com is a reference website maintained by the Official Data Foundation.
| Cumulative price change | 660.42% |
| Average inflation rate | 3.90% |
| Converted amount $1 base | $7.60 |
| Price difference $1 base | $6.60 |
| CPI in 1971 | 20.883 |
| CPI in 2024 | 158.800 |
| Inflation in 1971 | 2.70% |
| Inflation in 2024 | 1.15% |
| $1 in 1971 | $7.60 in 2024 |