Here’s how much Canada’s top CEOs earned in 2023

Canada’s 100 highest-paid CEOs earned an average of £8.2 million in 2023 from salaries, bonuses, and other forms of compensation, according to the Canadian Centre for Policy Alternatives (CCPA).

It was the third-highest year for CEO earnings since the CCPA began tracking data in 2007, although slightly lower than the record-breaking years of 2021 and 2022. “It’s still significantly higher than historical levels,” said David Macdonald, senior economist at the CCPA and author of the report.

The decline was attributed to reduced corporate profits in 2023 and wage increases for workers following the latest inflation spike, Macdonald noted. By 10:54 a.m. on 2 January, the average CEO on the list had already earned £38,900 — equivalent to the annual income of the average Canadian worker.

The report revealed a stark disparity between CEOs and regular workers. On average, Canada’s top 100 CEOs earned 210 times more than the typical worker in 2023, compared to 104 times in 1998.

The highest-paid CEO in Canada in 2023 was Patrick Dovigi of GFL Environmental Inc., with total compensation of £42.5 million. Joshua Kobza of Restaurant Brands International Inc. followed with £24.2 million, and R.M. Kruger of Suncor Energy Inc. earned £22.8 million.

Salaries made up a small fraction of CEO pay, with most income coming from share-based and option-based awards. “Salaries now form an increasingly minor part of CEO compensation,” said Macdonald. He highlighted examples such as Tobi Lütke of Shopify and Murray Edwards of Canadian Natural Resources Ltd., both of whom accepted nominal salaries of just one dollar in 2023.

The average cash bonus for these CEOs in 2023 was £1.4 million. While theoretically linked to company performance, bonuses often increased regardless of the company’s financial success, according to the CCPA.

Macdonald identified three primary forms of non-salary compensation: direct share awards, where executives are paid in shares; cash bonuses; and stock options. The list remained male-dominated, with only three women featured — fewer than the CEOs named Scott (five) or Michael (four). Interestingly, the women on the list earned more on average than the Scotts and Michaels.

Macdonald pointed out some positive developments. Workers’ wages saw significant increases in 2023, helping them catch up with inflation. Additionally, policy changes aimed at reducing the wage gap were introduced in 2024, such as raising the inclusion rate for taxing capital gains above £152,000 to over 66 per cent. However, these measures did not affect CEO pay in 2023.