$100 in 1956 is equivalent in purchasing power to about $1,056.55 today, an increase of $956.55 over 67 years. The dollar had an average inflation rate of 3.58% per year between 1956 and today, producing a cumulative price increase of 956.55%.

This means that today's prices are 10.57 times as high as average prices since 1956, according to Statistics Canada consumer price index. A dollar today only buys 9.465% of what it could buy back then.

The inflation rate in 1956 was 1.36%. The current inflation rate compared to last year is now -0.30%. If this number holds, $100 today will be equivalent in buying power to $99.70 next year.

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Cumulative price change | 956.55% |

Average inflation rate | 3.58% |

Converted amount $100 base | $1,056.55 |

Price difference $100 base | $956.55 |

CPI in 1956 | 14.325 |

CPI in 2023 | 151.351 |

Inflation in 1956 | 1.36% |

Inflation in 2023 | -0.30% |

$100 in 1956 | $1,056.55 in 2023 |

This chart shows a calculation of buying power equivalence for $100 in 1956 (price index tracking began in 1914).

For example, if you started with $100, you would need to end with $1,056.55 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When $100 is equivalent to $1,056.55 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 1956 dollars, the chart below shows how $100 is worth less over 67 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 1956 amounts in today's dollars, based on the 956.55% change in prices:

Initial value | Equivalent value |
---|---|

$1 dollar in 1956 | $10.57 dollars today |

$5 dollars in 1956 | $52.83 dollars today |

$10 dollars in 1956 | $105.66 dollars today |

$50 dollars in 1956 | $528.28 dollars today |

$100 dollars in 1956 | $1,056.55 dollars today |

$500 dollars in 1956 | $5,282.76 dollars today |

$1,000 dollars in 1956 | $10,565.51 dollars today |

$5,000 dollars in 1956 | $52,827.57 dollars today |

$10,000 dollars in 1956 | $105,655.14 dollars today |

$50,000 dollars in 1956 | $528,275.69 dollars today |

$100,000 dollars in 1956 | $1,056,551.39 dollars today |

$500,000 dollars in 1956 | $5,282,756.94 dollars today |

$1,000,000 dollars in 1956 | $10,565,513.88 dollars today |

Our calculations use the following inflation rate formula to calculate the change in value between 1956 and today:

CPI today CPI in 1956

×

1956 CAD value

=

Today's value

Then plug in historical CPI values. The Canadian CPI was 14.325 in the year 1956 and 151.35098631039997 in 2023:

151.3509863103999714.325

×

$100

=

$100 in 1956 has the same "purchasing power" or "buying power" as $1,056.55 in 2023.

To get the total inflation rate for the 67 years between 1956 and 2023, we use the following formula:

CPI in 2023 - CPI in 1956CPI in 1956

×

100

=

Plugging in the values to this equation, we get:

151.35098631039997 - 14.32514.325

×

100

=

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: “Value of 1956 Canadian dollars today | Canada Inflation Calculator.” Official Inflation Data, Alioth Finance, 31 May. 2023, https://www.officialdata.org/canada/inflation/1956.

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 | 956.55% |

Average inflation rate | 3.58% |

Converted amount $100 base | $1,056.55 |

Price difference $100 base | $956.55 |

CPI in 1956 | 14.325 |

CPI in 2023 | 151.351 |

Inflation in 1956 | 1.36% |

Inflation in 2023 | -0.30% |

$100 in 1956 | $1,056.55 in 2023 |