The cost of a Canadian passport is about to rise and plans by Prime Minister Mark Carney's government to overhaul the way it sets prices could result in them being even more expensive in the future.

An order-in-council adopted in late January calls for the government to begin tying passport prices to the consumer price index (CPI). On March 31, the cost of a Canadian passport will rise by 2.7 percent, the CPI increase in April 2024.

For example, the price of a five-year passport applied for in Canada would rise to $123.24 while a 10-year passport applied for outside of Canada would cost $267.02.

However, in an impact statement accompanying the move, Immigration, Refugees and Citizenship Canada says that's just the first step.