Canada’s 100 highest-paid CEOs earned the equivalent of an average worker’s annual salary by 9:23 a.m. on the first working day of 2026, according to a new report from the Canadian Centre for Policy Alternatives.
The report found the average pay for Canada’s top 100 CEOs reached a record $16.2 million in 2024, up from the previous high of $14.9 million set in 2022. Meanwhile, the average Canadian worker earned $65,548 in 2024.
This creates a pay gap of 248 times between top CEOs and average workers, also a record high, according to the CCPA analysis of company proxy circulars from 212 S&P/TSX composite companies.
CEO compensation reaches historic levels
Shopify’s CEO became the highest-paid CEO in Canadian history with total compensation of $205.5 million in 2024, surpassing the previous record of $182.9 million set by Valeant Pharmaceuticals’ CEO in 2015, according to the report.
The minimum compensation required to make the top 100 list also hit an all-time high of $7.2 million, up from $6.9 million in 2023. In the late 2000s, CEOs could make the list with approximately $3 million in total compensation.
Bonuses drive compensation growth
Bonuses now comprise 84.3 per cent of CEO compensation, a record-high proportion, according to the CCPA. The report found that actual salaries for the highest-paid CEOs have been falling in inflation-adjusted terms since 2017.
Most CEO bonuses come from share awards rather than cash, with payments tied to corporate profits, revenue growth, or share price targets. The report noted that when companies miss bonus targets, many adjust goals retroactively or find other ways to ensure executives receive their bonuses.
Pay growth outpaces inflation and worker wages
Since 2020, CEO pay increased 49 per cent while worker pay rose 15 per cent, according to the analysis. Over the same period, the average price of goods and services increased 18 per cent.
Food prices rose faster than worker wages but slower than CEO pay increases. Beef prices increased 39 per cent, pasta 47 per cent, eggs 35 per cent, and bacon 29 per cent since 2020, according to Statistics Canada data cited in the report.
Housing costs also outpaced worker wage growth. Rent increased 26 per cent and owned accommodation costs rose 29 per cent since 2020, while utilities jumped 23 per cent.
Corporate profits remain elevated
Corporate pre-tax profits in Canada stood at $630 billion in 2024, well above pre-pandemic levels of approximately $400 billion, according to Statistics Canada data. The report noted that profits peaked at $668 billion in 2022 when inflation was at its highest.
The first three quarters of 2025 recorded the highest corporate profits in Canadian history, according to the report.
Gender gap persists
Five of the 100 highest-paid CEOs in 2024 were women, the highest number recorded in the CCPA’s tracking history. This represents 5 per cent of the list, compared to women making up 47 per cent of the Canadian labour force.
The highest-paid female CEOs earned 73 per cent of what their male counterparts received, according to the analysis.
Report proposes tax measures
The CCPA report proposed several tax measures to address income inequality, including a millionaire’s tax on income above $1 million and a wealth tax on net assets exceeding $10 million.
A wealth tax starting at one per cent for those with assets over $10 million, rising to three per cent for those with over $100 million in assets, could raise over $20 billion annually, according to the report’s estimates.
Top earning CEOs: The list
| Name and position | Total compensation | Salary |
|---|---|---|
| Tobias Lütke * CEO & Head of R&D, Shopify Inc | $205,470,115 | $1 |
| Jay S. Hennick * Chairman and Chief Executive Officer, Colliers International Group Inc | $70,321,673 | $2,373,179 |
| Patrick Dovigi President and Chief Executive Officer, Gfl Environmental Inc | $67,008,973 | $2,340,517 |
| Glenn J. Chamandy * President and CEO, Gildan Activewear Inc | $36,859,852 | $1,712,250 |
| D. McKay President and Chief Executive Officer, Royal Bank of Canada | $25,971,626 | $1,916,667 |
| Geoffrey T. Martin President and Chief Executive Officer, CCL Industries Inc | $24,659,294 | $1,959,294 |
| Gregory L. Ebel President & Chief Executive Officer, Enbridge Inc | $23,782,463 | $1,995,601 |
| Keith E. Creel President and Chief Executive Officer, Canadian Pacific Kansas City Ltd | $23,572,602 | $1,849,230 |
| Vincent J. Tyra * Former President and CEO, Gildan Activewear Inc | $23,345,473 | $619,044 |
| Seetarama S. Kotagiri * President and Chief Executive Officer, Magna International Inc | $23,181,125 | $1,712,250 |
| Thomas J. Appio * Chief Executive Officer, Bausch Health Companies Inc | $22,244,364 | $1,679,797 |
| Darren Entwistle President and Chief Executive Officer (CEO), Telus Corp | $20,616,308 | $1,600,000 |
| Robert A. Mionis * President and Chief Executive Officer, Celestica Inc | $20,539,399 | $1,524,183 |
| Roy Gori President and CEO, Manulife Financial Corporation | $20,464,452 | $1,785,197 |
| Pierre Karl Péladeau President and Chief Executive Officer, Quebecor Inc | $20,440,317 | $685,577 |
| Mark J. Barrenechea * Vice Chair, CEO and CTO, Open Text Corp | $20,194,600 | $1,301,310 |
| Joshua Kobza * CEO, Restaurant Brands International Inc | $19,820,825 | $1,289,895 |
| N. Murray Edwards Executive Chair, Canadian Natural Resources Ltd. | $18,758,541 | $1 |
| Tracy Robinson President and Chief Executive Officer, Canadian National Railway Co. | $18,599,916 | $1,506,780 |
| Charles Brindamour Chief Executive Officer, IFC, Intact Financial Corp | $17,761,685 | $1,412,789 |
| B.W. Corson Chairman, president and chief executive officer, Imperial Oil | $17,021,584 | $1,259,394 |
| Robert M. Le Blanc * Chief Executive Officer and President, Onex Corp | $16,875,769 | $1,369,800 |
| Linda Hasenfratz Executive Chair of the Board, Linamar Corp | $16,681,217 | $730,644 |
| Steve Hasker * President and Chief Executive Officer, Thomson Reuters Corp | $16,227,643 | $1,493,220 |
| D. Mark Bristow * President and Chief Executive Officer, Barrick Gold Corp. | $16,217,040 | $2,465,640 |
| David G. Hutchens President and Chief Executive Officer, Fortis Inc | $15,718,420 | $1,712,625 |
| François Poirier President and Chief Executive Officer, TC Energy Corp | $15,178,187 | $1,200,000 |
| Edmund F. Murphy III President and Chief Executive Officer of Empower, Great-West Lifeco Inc | $14,959,991 | $1,643,760 |
| R. Jeffrey Orr President and Chief Executive Officer, Power Corp of Canada | $14,734,961 | $4,500,000 |
| Alexandre L’Heureux President and CEO, WSP Global Inc | $14,381,071 | $1,500,000 |
| R. M. Kruger President & Chief Executive Officer, Suncor Energy Inc | $14,199,371 | $1,294,615 |
| George D. Schindler President and Chief Executive Officer, CGI Group Inc | $14,162,558 | $1,921,418 |
| Marc Parent President and Chief Executive Officer, Cae Inc | $14,145,161 | $1,323,000 |
| Irwin Simon * President, Chief Executive Officer and Chairman of the Board, Tilray Inc | $14,102,929 | $2,723,162 |
| Tony Staffieri President and Chief Executive Officer, Rogers Communications Inc | $14,092,025 | $1,480,769 |
| Ammar Al-Joundi * President & Chief Executive Officer, Agnico Eagle Mines | $14,079,606 | $1,299,940 |
| Leigh Curyer President, Chief Executive Officer & Director, Nexgen Energy Ltd | $13,966,200 | $900,000 |
| Jim Jarrell Corporate Director, Chief Executive Officer & President, Linamar Corp | $13,823,103 | $609,912 |
| Serge Godin Founder and Executive Chairman of the Board, CGI Group Inc | $13,710,280 | $1,301,000 |
| Rowan Saunders President and Chief Executive Officer, Definity Financial Corporation | $13,635,914 | $1,140,765 |
| Victor Dodig CEO, Canadian Imperial Bank of Commerce | $13,608,250 | $1,000,000 |
| John Sicard * President and CEO (retired Dec 31, 2024), Kinaxis Inc | $13,607,499 | $684,900 |
| Kurt MacAlpine Chief Executive Officer and Director, CI Financial Corp | $13,332,526 | $1,232,820 |
| Mirko Bibic President and CEO BCE Inc. and Bell Canada, BCE Inc | $12,824,191 | $1,400,000 |
| Paul A. Mahon President and Chief Executive Officer of Lifeco and Canada Life, Great-West Lifeco Inc | $12,696,853 | $1,262,000 |
| Travis Machen CEO and Group Head, Global Banking and Markets, Bank of Nova Scotia | $12,501,233 | $432,528 |
| Michael Rousseau President and Chief Executive Officer, Air Canada | $12,427,800 | $1,380,000 |
| Brian Hannasch Former President and Chief Executive Officer, Alimentation Couche-Tard Inc. | $12,251,458 | $929,321 |
| J.G. Reid President and CEO, Russel Metals | $12,245,922 | $1,415,147 |
| Kevin D. Strain President & Chief Executive Officer, Sun Life Financial Inc | $12,209,063 | $1,000,000 |
| Alain Bédard * President and CEO, Tfi International Inc | $12,134,110 | $2,020,455 |
| Laurent Ferreira President and Chief Executive Officer, National Bank of Canada | $12,074,050 | $1,046,747 |
| Scott Burrows President and Chief Executive Officer, Pembina Pipeline Corp | $11,840,604 | $1,283,333 |
| D. Neldner Group Head and CEO, RBC Capital Markets, Royal Bank of Canada | $11,713,333 | $700,000 |
| Per Bank President and Chief Executive Officer, Loblaw | $11,631,496 | $1,315,000 |
| Edward J. Ryan * Chief Executive Officer, Descartes Systems | $11,509,569 | $873,248 |
| J.H. Price CEO, Teck Resources Ltd | $11,433,350 | $1,610,000 |
| Ken Seitz * President and CEO, Nutrien Ltd | $11,184,440 | $1,182,780 |
| Darryl White Chief Executive Officer, Bank of Montreal | $10,969,317 | $1,100,000 |
| Sean McLaren President and CEO, West Fraser Timber CO Ltd | $10,817,216 | $1,218,545 |
| Andrew Hider Chief Executive Officer, Ats Corp | $10,787,000 | $1,269,600 |
| Connor Teskey * Chief Executive Officer of the Service Provider, Brookfield Renewable Partners LP | $10,712,574 | $1,369,800 |
| Anuj Ranjan * Chief Executive Officer, Brookfield Business Partners LP | $10,645,399 | $1,369,800 |
| J. Paul Rollinson * Chief Executive Officer, Kinross Gold Corp | $10,481,870 | $1,618,419 |
| Jonathan McKenzie CEO, Cenovus Energy Inc | $10,391,189 | $1,133,333 |
| Éric Martel * President and Chief Executive Officer, Bombardier Inc | $10,320,758 | $1,236,929 |
| Scott Thomson President and Chief Executive Officer, Bank of Nova Scotia | $10,316,600 | $1,000,000 |
| Bruce Flatt * CEO, Brookfield Corporation | $10,287,527 | $513,675 |
| D. Scott Patterson * Chief Executive Officer, Firstservice Corp | $10,208,298 | $1,163,234 |
| Neil Rossy CEO, Dollarama Inc | $10,105,767 | $1,407,404 |
| Ian L. Edwards President and CEO, Snc-Lavalin Group Inc | $10,000,871 | $1,439,231 |
| Ronald J. Mittelstaedt * President and Chief Executive Officer, Waste Connections Inc | $9,967,174 | $1,546,247 |
| Carl Colizza President and CEO, Saputo Inc | $9,907,713 | $1,355,126 |
| Brian W. Kingston * CEO, Real Estate, Brookfield Asset Management Ltd | $9,709,485 | $1,027,350 |
| Gord Johnston President & CEO, Stantec Inc | $9,549,955 | $1,500,018 |
| Alex Miller President and Chief Executive Officer, Alimentation Couche-Tard Inc. | $9,499,604 | $1,436,310 |
| Scott G. Stauth President and CEO, Canadian Natural Resources Ltd. | $9,244,412 | $600,000 |
| Phil Witherington President and CEO, Manulife Asia, Manulife Financial Corporation | $9,161,853 | $1,057,388 |
| Scott Balfour President and CEO, Emera Incorporated | $9,138,675 | $1,188,343 |
| Michael Medline President & CEO, Empire Company Ltd | $8,869,245 | $1,350,005 |
| Nancy C. Southern Chair & Chief Executive Officer, ATCO | $8,823,487 | $1,033,333 |
| Greg Hicks President and CEO, Canadian Tire Corp | $8,804,945 | $1,300,000 |
| Vern Yu President & CEO, AltaGas Ltd | $8,706,509 | $1,144,000 |
| T. Michael Miller CEO, Global Specialty Lines, Intact Financial Corp | $8,644,261 | $1,160,902 |
| James O’Sullivan President and Chief Executive Officer, IGM Financial Inc., Igm Financial Inc | $8,513,374 | $1,200,000 |
| Michael Steinmann President and CEO, Pan American Silver Corp | $8,416,530 | $1,508,000 |
| Dani Reiss Chair of the Board of Directors and CEO, Canada Goose Holdings Inc | $8,324,715 | $1,409,942 |
| Jennifer Wong Chief Executive Officer, Aritzia Inc | $8,245,768 | $1,503,846 |
| Randy V.J. Smallwood President and Chief Executive Officer, Wheaton Precious Metals Corp | $8,145,252 | $1,300,000 |
| Dr. Ajay Virmani Founder, Executive Chairman, Cargojet Inc | $8,023,700 | $1,250,000 |
| Rich Sumner President & CEO, Methanex Corp | $7,991,374 | $1,082,500 |
| Tim Gitzel President and Chief Executive Officer, Cameco Corp | $7,925,250 | $1,169,200 |
| Christopher McLernon * Chief Executive Officer, Real Estate Services, Colliers International Group Inc | $7,922,285 | $1,186,589 |
| Paul Lorentz President & CEO, Global Wealth and Asset Management, Manulife Financial Corporation | $7,694,522 | $866,667 |
| Sean Boyd * Chair, Agnico Eagle Mines | $7,660,570 | — |
| Alain Bouchard Founder and Executive Chairman, Alimentation Couche-Tard Inc. | $7,551,862 | $1,470,060 |
| Laura Dottori-Attanasio President & Chief Executive Officer, Element Fleet Management Corp | $7,532,357 | $1,083,607 |
| Alan Tannenbaum Chief Executive Officer & Group Head, BMO Capital Markets, Bank of Montreal | $7,500,345 | $815,460 |
| Keith Neumeyer * CEO, First Majestic Silver Corp | $7,387,141 | $1,725,948 |
| Cyrus Madon * Executive Chairman, Brookfield Business Partners LP | $7,192,528 | $1,027,350 |
