I had a poke around, and here's what I found.

Westjet has a sale on right now (AC doesn't seem to be matching) and it's as low as $29 each way ++. So I picked a couple of those and got a final price of $153.96 for a return flight YYZ-YOW.

Air Canada is way more because of the lack of a sale, but Aeroplan comes in at $156.23. Pretty poor return for the additional 15,000 points I think!

Maybe if we're lucky some journo will pick this up and write a piece! In fact, WestJet should really start advertising these as "Cheaper than the competition's REWARD flights".

Here's the breakdown of the taxes/fees:

Aeroplan:

Fuel Surcharge $54.00
Canada Harmonized Sales Tax $17.98
NAV Canada - Air Navigation Services $30.00
Canada Domestic/International Airport Improvement Fee $40.00
Canada Domestic/International Air Travel Security Charge $14.25

Total airport taxes, fees and surcharges per passenger

$156.23


WestJet:

Base Fare : 58.00 CAD
GST-HST: 17.71 CAD
AIF: 40.00 CAD
ATSC: 14.25 CAD
NAV/Ins: 24.00 CAD

Total:

153.96 CAD