The highest-paid CEO in Canada changes from year to year, but the role is almost always held by the leader of a major bank, energy company, or multinational corporation.
In recent years, CEOs of Canada’s largest financial institutions have topped compensation rankings, with total pay packages often exceeding $10 million annually. These figures usually include base salary, performance bonuses, stock awards, and long-term incentive plans.
Unlike Sunshine List salaries, private-sector CEO compensation is disclosed through corporate filings and shareholder reports. This makes direct comparisons with public-sector pay difficult. Even the highest-paid public CEOs, such as those running Ontario Power Generation, earn a fraction of what top private-sector executives receive.
The gap highlights a key difference between public accountability and private market compensation. Public-sector CEO pay is capped and disclosed. Private-sector CEO pay is driven by corporate performance and market competition.
Top-Paid CEOs in Canada (2023 Compensation, Disclosed in 2025)
| Rank | Name | Company | Role | Approx. Total Compensation |
|---|---|---|---|---|
| 1 | Patrick Dovigi | GFL Environmental | Founder & CEO | ~$68.5 million |
| 2 | Joshua Kobza | Restaurant Brands International | CEO | ~$39 million |
| 3 | Seetarama S. Kotagiri | Magna International | CEO | ~$22+ million |
| 4 | Tobias Lütke | Shopify | Founder & CEO | Not publicly specified in detail; consistently cited among top-paid CEOs |
Private-sector CEO compensation is drawn from company proxy circulars, shareholder disclosures, and reporting by The Globe and Mail, which tracks executive pay across Canada’s largest corporations.
Private-sector figures typically include base salary, bonuses, stock awards, and long-term incentives, while Sunshine List figures reflect salary only, not pensions or non-taxable benefits.