Canadian CEO Pay Declines Slightly in 2023, Still Far Exceeds Average Worker Earnings

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Canadian CEO Pay Declines Slightly in 2023, Still Far Exceeds Average Worker Earnings
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The average pay for Canada's top 100 CEOs in 2023 was $13.2 million, down from record highs in 2021 and 2022. However, CEO pay remains significantly higher than average worker earnings, with CEOs earning 210 times more than the average Canadian in 2023. The report suggests factors like lower profits and worker wage gains contributed to the decline.

GFL Environmental CEO Patrick Dovigi, second left, is joined by BC Partners Paolo Notarnicola, left, as he rings a ceremonial bell on the floor of the New York Stock Exchange, Wednesday, March 4, 2020. THE CANADIAN PRESS/AP/Richard Drewearned $13.2 million on average in 2023 from salaries, bonuses and other compensation, according to the Canadian Centre for Policy Alternatives.

The gap between CEOs and regular workers has grown significantly, the report found. The 100 top-paid CEOs earned on average 210 times more than the average worker did in 2023, while in 1998, they earned 104 times more. "Salaries make up an ever smaller proportion of their overall compensation," said Macdonald, adding that sometimes an executive will even take a salary of just a dollar -- including Tobi Lutke of Shopify and Murray Edwards of Canadian Natural Resources Ltd., both on 2023's list.

But the report isn't all bad news, noted Macdonald -- for example, workers' pay went up substantially in 2023 as it caught up to inflation, he said. As well, those three women on the list made on average more than the Scotts and Michaels. Another such change happened in 2021, when the federal government capped the stock option tax deduction at $200,000 a year.

The report recommends a "wealth tax" on Canadians worth more than $10 million, which it says could raise $32 billion a year. This is a much more direct approach than addressing stock options or capital gains, said Macdonald."Historically speaking, Canada's marginal tax rate for the richest is low," the report said, with the top brackets within the 70 per cent range in the postwar years, compared with roughly 50 per cent now.

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