How much do CEOs really earn in a year?
In 2023, the top 100 highest-paid CEOs in Canada collectively earned an average of $13.2 million, according to a report by the Canadian Centre for Policy Alternatives (CCPA). This marks the third-largest average income for this group since tracking began in 2007. The data highlighted a widening pay gap between corporate leaders and the average worker, whose annual income is just 1/210th of these executives’ earnings.
A report from Financial Post underscores the rapid accumulation of wealth among Canada’s business elite. By 10:54 am on the first workday of the year, these CEOs had already earned what the average Canadian worker would make throughout the year—$62,661.
Compensation drivers
The study revealed that bonuses, including cash, stock options, and share awards, now make up 80% of a CEO’s total pay. In 2023, share awards alone accounted for nearly half of all compensation packages. Salaries, by contrast, have become increasingly symbolic, representing less than 10% of total earnings. For instance, Tobias Lütke, CEO of Shopify, drew a nominal $1 salary but received over $26 million in stock options.
Patrick Dovigi of GFL Environmental Inc. led the earnings list with a package exceeding $46 million, including $36.4 million in share-based rewards. Joshua Kobza of Restaurant Brands International and R.M. Kruger of Suncor Energy followed closely, with compensation packages of $39.1 million and $36.8 million, respectively.
Gender disparity
The report also highlighted stark gender disparities. Only three women—Linda Hasenfratz of Linamar Corp., Tracy Robinson of Canadian National Railway, and Nancy Southern of Atco Ltd.—were among the top 100 earners.
“The top corporate job has always been and remains an old boys’ club 97 percent of the time,” said David Macdonald, the report’s author.
Historical trends
While the 2023 figures fall short of the record-breaking payouts seen in 2021 and 2022, when average CEO earnings surpassed $14 million, they still represent a significant leap from a decade ago. In 2009, the average CEO earned 150 times the wage of the average worker—a disparity that has since grown considerably.
Implications for workers
The findings come amid increasing economic strain for average Canadians, as wages struggle to keep pace with inflation and rising costs of living. Ontario’s minimum wage in 2023 was $16.55 per hour, equating to just $3,255 annually—a figure many top executives exceed in a single hour.
The report adds to ongoing debates about income inequality and calls for regulatory measures to address the growing disparity. Critics argue that current compensation practices undermine worker morale and widen socioeconomic divides, while proponents assert that competitive pay is necessary to attract top talent in a globalized economy.
