The CONNECT smart card system will be implemented by June. Disposable and reloadable cards will be available.
Quote:
CONNECT Timeline
Sept/Oct 2011: Software and equipment testing
Oct 2011-March 2012: Installation of equipment on buses and platforms
March-April 2012: Training (including operators)
April-May 2012: Implement pilot (U of C spring/summer students)
June 2012: Implementation of new system
In the future the card will allow you to pay for other City of Calgary services too.
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More:
http://www.calgarytransit.com/html/connect.html