In 2023, the top 100 highest-paid CEOs in Canada earned an average of $13.2 million, according to a report by the Canadian Centre for Policy Alternatives (CCPA). This marks the third-highest average income for this group since data tracking began in 2007. The report highlights the growing income gap between corporate executives and the average worker, with the latter earning only 1/210th of the CEOs’ total pay.
The study draws attention to the rapid accumulation of wealth among Canada’s business elite. By 10:54 a.m. on the first workday of the year, these CEOs had already earned what the typical Canadian worker makes annually—$62,661. Bonuses, including cash, stock options, and share awards, now make up 80% of a CEO’s total compensation. In 2023, stock-based rewards alone accounted for almost half of these packages, while salaries have become symbolic, representing less than 10% of total earnings. For example, Tobias Lütke, CEO of Shopify, took a nominal $1 salary but received more than $26 million in stock options.
Leading the earnings list was Patrick Dovigi of GFL Environmental Inc., who received a package exceeding $46 million, including $36.4 million in share-based rewards. Following him were Joshua Kobza of Restaurant Brands International and R.M. Kruger of Suncor Energy, with compensation packages of $39.1 million and $36.8 million, respectively. The report also highlighted significant gender disparities, noting that only three women—Linda Hasenfratz of Linamar Corp., Tracy Robinson of Canadian National Railway, and Nancy Southern of Atco Ltd.—appeared among the top 100 earners. “The top corporate job has always been and remains an old boys’ club 97 percent of the time,” remarked David Macdonald, the report’s author.
While the 2023 figures fall short of the record-breaking payouts seen in 2021 and 2022, when the average CEO earned over $14 million, they still represent a notable increase from a decade ago. In 2009, the average CEO earned 150 times more than the average worker, and this disparity has only grown since. The report underscores the widening income inequality as average Canadians face rising inflation and living costs. In 2023, Ontario’s minimum wage was $16.55 per hour, or about $3,255 annually—an amount that many top executives exceed in just one hour of work.
The findings contribute to ongoing discussions about income inequality, with critics arguing that current compensation practices exacerbate worker dissatisfaction and societal divides. Supporters, however, assert that high pay is necessary to attract top talent in an increasingly globalized economy.
