By 9:43 a.m. Wednesday, Canada's 100 highest-paid CEOs will have already made what the average worker will take all year to earn.

CEOs of major Canadian companies listed on the Toronto Stock Exchange earned an average of $14.3 million in 2021, according to a new report from the Canadian Center for Policy Alternatives (CCPA) released Tuesday.

The 100 highest paid CEOs in Canada broke the previous record of $11.8 million set in 2018, according to the document “Breakfast of Champions: CEO pay 2021 hits new all-time high”.

This is a 31.2% increase from the average salary of $10.9 million reported last year.

The report reveals that the minimum wage for these CEOs also hit a record as it reached $6.7 million in 2021, compared to $6.1 million in 2020. This is double the minimum wage of 2018.

Moreover, the gap between the compensation of CEOs and that of their workers continued to widen: the wealthiest earned on average 243 times more than the average worker. “An all-time high,” according to economist and study author David Macdonald, who says the previous peak, in 2018, was 227 times higher.

“If you measure [compensation] over time, at 9:43 a.m. on January 3, 2023, we estimate that the 100 highest paid CEOs in Canada will have already done what the average worker will take all year to earn,” said noted Mr. Macdonald.

The report recommends certain policy measures to “address this income inequality”, including the addition of a wealth tax.

Inflation has broken records

While 2021 has been particularly difficult for many workers due to inflation, CEO pay does not appear to have been shaken. “Inflation is generating record profits, which are driving up CEO compensation,” the economist said.

Along with profits and salaries, CEO perks and stock option bonuses have also skyrocketed.

Of the country's 100 richest CEOs, only three are women, according to the report, which finds that the glass ceiling in Canada remains "persistent" and that "there is no evidence that it is change".

The highest paid CEO in 2021 was Nuvei executive Philip Fayer, who earned just over $140 million in 2021, followed by GFL Environment CEO Patrick Dovigi, who earned over $43 million in 2021. and the chief executive of Bausch Health Companies, which earned $28 million in 2021.

Cameco Corp executive Tim Gitzel is in last place after earning $6.7 million that year.