Canada's 100 highest-paid CEOs made an average of $14.3 million in 2021, smashing the previous record of $11.8 million set in 2018, according to the Canadian Centre for Policy Alternatives (CCPA).
Canada's 100 highest-paid CEOs made an average of $14.3 million in 2021, smashing the previous record of $11.8 million set in 2018,Report author and CCPA senior economist David Macdonald said that the 100 CEOS, who are mostly men, made 243 times the average Canadian worker in 2021, again beating 2018's record of 227 times.
Variable compensation is intended to be tied to company performance, he said, but the pandemic showed that's not always the case. "It's unlikely that we'll go back to the level that we saw pre-pandemic, it's likely they'll continue at much higher pay levels in 2022," he said. Previous reports had recommended getting rid of the so-called stock option deduction, where people receiving stock options as compensation would only pay tax on 50 per cent of the value of the stock options. In July 2021, a new law came into effect capping that deduction at $200,000 worth of shares, though Macdonald said it could take a few years to see the impact of this change.
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