9 Canadians Who Made More Money Today Than Most People Make All Year
They're so rich.
Being the CEO of a big company in Canada definitely has its benefits and that includes huge salaries in the millions and even hundreds of millions. If that wasn't enough to make you jealous, think about this. The richest Canadian CEOs have already made more money today than most people will for the entire year.
A new report by the Canadian Centre for Policy Alternatives said that Canada's top CEOs made so much money in 2018, which is the most recent data available, that the pay gap between them and the average worker in the country is huge.
The top-100 CEOs made 227 times more than the average worker did, with an average pay of $11.8 million.
In 2018, the average income for a worker in Canada was only $52,061 which is hardly anything compared to what the average CEO made that same year.
"Growth in the vast gap between excessive CEO compensation and average incomes is an indicator of Canada's income inequality juggernaut," David Macdonald, report author and CCPA senior economist, told The Canadian Press.
According to the report, at 10:09 a.m. on January 2, only two days into 2020, the average top-100 CEO in Canada had already made as much as the average Canadian worker will all year.
Of the people at the top, Blackberry CEO John Chen made the most in 2018, with his total compensation mounting up to a whopping $141,982,741.
Next up is Helena Foulkes, CEO of Hudson's Bay Company. She made $29,422,486 in 2018.
That kind of money could get you anthat sits on a 67-acre oceanfront lot and still have almost half of the salary left over.
Donald J. Walker, CEO of Magna International Incorporated, was compensated with $26,008,586 in 2018.
Nutrien Limited executive chair Jochen Tilk made just under that amount in the same year, $25,992,421.
Daniel Schwartz, CEO of Restaurant Brands International Incorporated made a total of $24,336,974 in 2018.
Next up, Bausch Health Companies Incorporated CEO Joseph C. Papa's total compensation in 2018 was $19,099,978.
James C. Smith, the president and CEO of the Thomson-Reuters Corporation, made $18,768,356.
Scott Saxberg made $18,606,479 in 2018 as the CEO and former president of Crescent Point Energy Corporation.
Waste Connections Incorporated CEO and chairman Ronald J. Mittelstaedt made $17,741,091 in total compensation in 2018.
With earnings like that, as of today, each of those CEOs has earned more than most Canadians will in all of 2020.
That being said, all of this money isn't just a CEO's regular salary.
The total compensation includes base salary, stock options, bonuses, shares, pensions and other forms of compensation.
It must be nice to be a CEO in Canada.