On this second day of 2025, the 100 best-paid CEOs in Canada will have already earned an average of $62,661 after less than eleven hours, the annual salary of an average Canadian worker.
According to a new report from the Canadian Center for Policy Alternatives (CCPA) released Thursday, these 100 CEOs will receive an average amount of $62,661 on the first working day of the year, January 2 at 10:54 a.m.
Of these, 21 run a company whose head office is in Quebec. They earned $60,007 in 10.1 hours, the annual salary of an average worker in the province.
In one year, these Quebec CEOs will earn 206 times more than the average annual salary, or compensation of more than $12.4 million.
In the rest of Canana, the situation is similar. The report shows that CEOs continue to earn much higher wages than the average worker.
In 2023, the nation’s 100 highest-paid CEOs took home their third-largest payday ever of $13.2 million each, on average, meaning they were paid 210 times more than the average worker.
At the top of the list sits former goalie Patrick Dovigi, president and CEO of GFL Environmental since 2007, a company that offers environmental services. He pocketed 68.5 million in 2023.
At the bottom of the list is BRP President and CEO José Boisjoli, who earned 6.9 million in 2023.
The gap is narrowing (a little)
In the previous two years, a larger gap than that of 2023 had been recorded. The average CEO compensation was then 240 times that of an average worker in 2021 and 2022.
Another highlight of the year 2023 is the minimum salary to enter the top 100 highest paid CEOs, which reached a new high at $6.9 million, according to the study.
If the hourly wage of an average Canadian worker is around $15 per hour, the minimum wage for a CEO is equivalent to $3,255 per hour.
What explains this salary?
The report highlights several myths and realities about CEO compensation.
First, the Top 100 CEOs list remains dominated by men, with only three women.
The justification for extreme CEO pay is based on the argument that they have unique expertise in the business.
In fact, 76% of the highest-paid CEOs received internal promotions, having spent an average of 21 years at the same company.
“Juicy bonuses,” on the other hand, represent the main cause of the increase in CEO compensation, much more than their fixed salaries, benefits or pension, according to the study.
These bonuses for CEOs can average $10.7 million and, despite the company’s performance, continue to grow.
When it comes to CEO base salaries, they represent just 12% of total compensation, remaining stable at around $1.3 million in 2023, adjusted for inflation.
