Canada's passport is among the most expensive in the world and here's what it costs to get one

Canada's passport is one of the strongest in the world, offering holders visa-free access to tons of countries around the globe.

However, it turns out that Canadians pay a pretty hefty price for the benefits of owning one.

A new study has revealed that the Canadian passport is one of the most expensive in the world, breaking down how much it actually costs passport holders to be able to travel without the need for a visa.

Australian travel insurance comparison site Compare the Market AU compared the cost of a passport in various countries to find out which nation has the most valuable passport in the world.

The company looked at 29 passports and compared them based on three metrics: the overall cost to obtain the passport, the value of the passport based on how many years it is valid for, and the value of the passport based on the number of countries the holder can visit without a visa.

They then broke down the most and least expensive passports around the world.

According to their findings, Canada's passport is one of the most expensive on the globe, ranking among the top 10 most expensive passports.

How much is a 10-year passport in Canada?

A 10-year Canadian passport, which is the longest validity for the document that you can choose, costs AU$181.41, according to the research, or CA$160.

This makes Canada's passport the seventh most expensive in the world, right behind Italy's 10-year passport, which costs AU$191.36 (or CA$169).

The Canadian passport is a bit cheaper if you select the 5-year option, which costs CA$120. However, this means that you'd have to renew it again in five years.

This price also may not be the total price you pay for your Canadian passport — you may have to pay additional fees on top of the $160, depending on if you need to replace a lost or stolen passport, if you need urgent or express pickup, need standard pickup at a passport office, or require other administrative services.

If your passport was lost or stolen, expect to pay additional fees of $45-135 for getting a new one. And if you need your passport sooner, you could be looking at a fee of up to $110 on top of the cost of the passport for expedited services.

As for the value of the Canadian passport, Compare the Market AU looked at the cost of the passport versus how many countries it allows holders to access visa-free, using data from the Henley Passport Index.

According to the index, Canada's passport allows citizens to travel to 188 countries visa-free, working out to cost of AU$0.96 per country, or CA$0.85, so Canucks may not be getting the best bang for their buck.

In comparison, the UAE passport, Hungarian five-year passport and Spanish 5 and 10-year passports had the best value for travelling without a visa, at AU$0.15 (CA$0.13), AU$0.17 and AU$0.26, respectively.

Most expensive passports in the world

The most expensive passport in the world was found to be Mexico's 10-year passport, which costs a whopping AU$353.90 (CA$313).

The U.S. passport was also found to be more costly than Canada's, ringing up over US$165, which works out to be CA$226 or AU$255.

Here are the least and most expensive passports globally, according to the research, and their prices in CAD:

Most expensive passports:

1. Mexico (10-year-passport), $312.66
2. Australia, $305.68
3. USA, $226
4. Mexico (6-year-passport), $178.55
5. New Zealand, $171.15
6. Italy, $169.06
7. Canada, $160
8. UK, $140.51
9. Mexico (3-year-passport), $131.33
10. Fiji, $142.88

Least expensive passports:

1. UAE, $23.97
2. India, $24.47
3. Hungary (5-year-passport), $28.08
4. South Africa, $42.80
5. Kenya, $43.54
6. Spain (for over 30-year-olds), $43.72
7. Spain (for under 30-year-olds), $43.72
8. Poland, $47.16
9. Brazil, $49.11
10. Sweden, $52.02