Air Canada Aeroplan

1.02 cents per point: the median of 10 cash-versus-award pairs read off the program's own booking engine on 2026-09-08. The cash side was read logged out on the Canada English edition and the award side signed in the same day, because aircanada.com prices awards only to a member. 5 routes across 3 bands of nonstop block time (A, D, E), all departing 2026-10-20 one way: YUL-YYZ, YYZ-LAX, YYZ-LHR, YVR-NRT, YYZ-GRU. For each route the flight sampled is the airline-operated nonstop with the lowest economy award price that day, and the award and the cash price both come from that one flight. Every price is in Canadian dollars, which is what aircanada.com quotes a Canadian member, and Air Canada's fares include tax, which the results page states, so the subtraction is like-for-like. Aeroplan shows no flight numbers, only departure and arrival times, duration and operator, so the cash side is matched by time; the five routes returned the same nonstops at the same times and durations on both sides. The business comparator is Business Class on the four long-haul routes, and also on the 1h23m YUL-YYZ hop, which Air Canada sells as Business Class: the method takes both cabins wherever they are sold and says nothing about flight length. Leaving that hop out would give 1.00 cents rather than 1.02. Premium economy is recorded and excluded throughout. Connections are excluded throughout, which matters most on YVR-NRT, where a one-stop economy award costs six times the nonstop. Each pair is (cash fare minus award taxes) divided by award points. Economy alone medians 0.97c and business alone 1.31c. Every figure is a live price on a bookable date, and it will move. The rows themselves are on this page above, with the search that produced each one. The rows are priced in CAD, which is what the engine quotes; each pair is subtracted in that currency and the median is converted once, at 1.3784 CAD to the US dollar, the Bank of Canada daily average rate for 2026-09-08 (https://www.bankofcanada.ca/valet/observations/FXUSDCAD/json). No row is converted, so the prices above are the ones the engine showed.