For the first time in years, Costco has finally hiked its annual membership fees.

The big-box store announced that a fee increase was coming back in July.

The increase, which applies to members in the US and Canada, came into effect on September 1, 2024.

The Gold Star membership has increased from $60 to $65 per year, and the higher-tier Executive Membership has jumped from $120 to $130 annually.

Costco

The maximum annual 2 per cent reward for the Executive Membership has also increased from $1,000 to $1,250.

This change impacts 52 million memberships, "a little over half of which are Executive." There are currently 108 locations in Canada.

This is the first membership price hike Costco has implemented since June 2017.

Costco has recently implemented other changes around membership, as some stores across the country are requiring customers to scan their cards before entering.

This new measure was introduced to prevent non-members and those who haven't paid their membership fees from sneaking in.

Did you know that the True North has the cheapest Costco hot dog combo in the world at $1.50 CAD a pop?

If you're a Canadian at a US Costco food court, based on today's exchange rate, you'd pay $2.04 CAD for its $1.50 USD hot dog combo.

Here are the combo prices at other Costco locations worldwide and how much they convert to in Canadian dollars:

• France and Spain: €1.50 or $2.28 CAD
• UK: £1.50 or $2.67 CAD
• China: 10.9 CNY or $2.08 CAD
• South Korea: ₩2000 or $2.04 CAD
• Australia:$1.99 AUD or $1.82 CAD
• Taiwan: 50 NT or $2.13 CAD
• Iceland: 400 KR or $3.98 CAD
• New Zealand:$1.99 NZ or $1.67 CAD
• Sweden: 20 KR or $2.67 CAD

If you've ever wondered how much Costco memberships cost around the world and how they compare to Canada, check out our report about it here.