What to know
- The country’s highest-earning CEOs now make nearly 250 times more than the average worker, earning a year’s wages by the morning of Jan. 2.
- In 2024, the highest-paid CEOs earned more than double what they made in the late 2000s
- Meanwhile, the income of the average worker continues to lag behind rising living costs.
Ever wonder how much your boss makes? Or even your boss’s boss? Well, new data shows that Canada’s top CEOs earn almost 250 times more than the average worker.
While better than some countries, the wealth divide in Canada is no joke. A new report from the Canadian Centre for Policy Alternatives (CCPA) shows that assuming both workers and CEOs get paid vacation, by 9:23 a.m. on January 2, the country’s 100 highest-paid Chief Executive Officers (CEOs) already earned what the average employee in Canada will make all year.
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New numbers reveal that in 2024, the highest-paid CEOs earned more than double what they made in the late 2000s. Back then, CEOs making $3 million or more could make it on the highest-paid 100 list; the lowest income on the 2024 list is $7.2 million.
By comparison, during the same period, the average workers’ wages have only gone up by half that proportion. In 2024, on average, workers took home about $65,548, a compensation increase of almost $3,000 from 2023. Meanwhile, the average highest-paid CEO compensation went up by $3 million since the previous year.
RECORD-BREAKING YEAR FOR TOP CEOS
The report shows that since 2020, CEO pay has increased 49 per cent, while workers’ pay is up by 15 per cent.
The average pay of the 100 highest-paid CEOs in Canada soared to a new record in 2024 of $16.2 million. This topped the previous record of $14.9 million set in 2022.
Yes, CEOs have always made more than the average worker, but the income gap is much bigger than it used to be.
Let’s turn back the clock, shall we? In 2007, CEOs made around 170 times more than the average worker, while the divide in the late 1990s was 104 times. The report states that data from the 80s is less concrete, as gaps were smaller and not tracked as closely, but it was likely between 40 and 50 times higher for CEOs than for workers.
Canada saw a record-breaking number for its highest-paid CEO in history, with the head of Shopify earning a staggering $205.5 million in 2024. This breaks the previous record set by Valeant Pharmaceuticals’ CEO, who was paid $182.9 million in 2015.
The highest average pay for the top 100 Canadian CEOs was a cool $16.2 million, and the lowest income on the list was $7.2 million. This means that the highest-paid CEOs made $7,812 an hour in 2024, equivalent to making $130 every minute of every working day.
It’s important to note that the majority of CEO pay isn’t coming from salaries, but rather bonuses. In fact, CCPA says that on average, CEO pay is now made up of around 84 per cent bonuses, which are based on company profits. This comes as corporate profits now sit way above pre-pandemic levels, exceeding $600 billion a year. These bonuses span three broad categories of compensation: cash bonuses, getting paid in shares (instead of cash) and stock options.
For example, Shopify’s CEO’s salary was just $1, while his option-based awards were over $154 million, and his share-based awards were more than $51 million, bringing his 2024 income to $205,470,115.
Speaking of record-breaking, five of the 100 highest-paid CEOs in Canada are women, the highest number recorded, with previous years seeing four or fewer women make the list. However, the gendered wealth gap persists, even at the top, with the highest-paid female CEOs still getting paid only 73 per cent of their male counterparts’ compensation.
INCOME VS COST OF LIVING
Numbers show that the average price of goods and services in Canada increased by 18 per cent between the beginning of 2020 and the beginning of 2025. With workers’ income increasing just 15 per cent on average across the same period, this means the average Joe took an effective three per cent pay cut.
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- Canadian’s grocery bills set to jump nearly $1,000 in 2026, new report warns
To weigh those numbers against the increases we’ve seen in the cost of living, let’s look at what that looks like at the checkout. Beef prices are up 39 per cent, chicken is up 27 per cent, bacon is up 29 per cent, while the price of pasta is up 47 per cent.
Additionally, rent increases are up 26 per cent, mortgages are up 29 per cent, while utility bills are up 23 per cent.
METHODOLOGY
Data included in the report comes from 212 companies’ disclosure of pay for their Named Executive Officers (NEO) in proxy circulars or management information circulars.
The report considers CEOs, chief operating officers, and chief financial officers of the overall company, but also includes the CEOs of subsidiaries who are NEOs, executive chairs, and retired CEOs who are NEOs.
Annual worker pay is obtained from the Survey of Employment Payroll and Hours’ weekly average industrial aggregate wage, including overtime. This figure is multiplied by 52 weeks to obtain an average annual worker’s wage.
The conversion of CEO pay to a daily figure assumes 260 eight-hour working days in a year, including paid statutory holidays.
