Some quick math.

YVR - LHR : 09/07 (outbound) - 09/17 (return), in Y.

aircanada.com (Tango) - $1050.48 RT
You'll also net 4710 Aeroplan miles (50% on Tango)

aeroplan.com (Classic Flight) - 60,000 miles + $723.41 taxes

That's $327.07 extra for a revenue flight.

However, for the revenue fare you save 60,000 miles + earn 4710 miles = 64,710 miles

For 63,500 miles you get use that for a $500 Air Canada gift card (or Home Depot, Costco etc).

So the Aeroplan reward comes out to -$172.93


This isn't an issue with Aeroplan, but also Airmiles, Aventura, Avion where they charge YQ in addition to their base program currency. Aventura and Avion let you use points for taxes, but only at 1 cent/point. For the big 5 banks, there are straight travel cashback card - TD First class gives a 1.5% (3.0 - 4.5% on purchases through expedia), BMO World Elite has straight 2%.