Updated Overview
In Quebec as in Canada, the gap between CEO compensation and that of workers remains massive — and in 2025, it remains close to record levels. For the 2023 fiscal year (published in 2025–2025), Canada’s 100 highest-paid CEOs earned an average of $13.2M each, or 210 times the average Canadian worker’s salary. By 10
a.m. on January 2, they had already surpassed the average annual income of a salaried worker ($62,661).
Photo of Darryl White fortune
On the Quebec side, focusing on large companies headquartered in Quebec, the average compensation of the 21 highest-paid executives reached ~$12.4M for fiscal year 2023 — 206 times more than the average annual salary of a Quebec employee (~$60,007). At that rate, it takes only about 10.1 hours for these CEOs to earn the average annual income of a worker.
What Does a CEO’s Pay Package Consist Of?
The majority of compensation for top executives is not base salary. In 2023, for the Canadian “Top 100”:
- Average base salary: $1.3M (≈ <10% of total).
- Average variable pay (“bonuses”): $10.7M, primarily in stock awards (≈ 49%) and options (≈ 15%), plus cash bonuses (≈ $2.3M).
- Fixed components (salary + pension) account for only ≈ 12% of the package.
This structure, indexed to stock performance and margins, explains why packages explode when profits/valuations rise — and decline more slowly in weak periods, since targets are often “adjusted.”
Alain Bedard fortune
Who Are Quebec’s Highest-Paid CEOs (Fiscal 2023, 2024 Filings)?
Excerpt (CAD$) — companies headquartered in Quebec with market cap > $500M:
- Brian Hannasch (Alimentation Couche-Tard) – $18.45M
- Philip Fayer (Nuvei) – $17.30M
- Alain Bédard (TFI International) – $16.15M
- George D. Schindler (CGI) – $14.43M
- R. Jeffrey Orr (Power Corporation) – $14.07M
- Tracy Robinson (CN) – $14.00M
- Glenn J. Chamandy (Gildan) – $13.53M
- Mirko Bibic (BCE) – $13.43M
- Serge Godin (CGI, Executive Chairman) – $13.29M
- Alexandre L’Heureux (WSP) – $12.24M
How Much Does the Average Quebec Employee Actually Earn?
- Average hourly wage (Q3 2024, QC): $33.92/h; offered for vacant positions: $27.45/h.
- Average weekly earnings: According to the most recent press and agency reports, figures hover around ~$1,220–1,240/week in 2025, or ~$63–65k per year (order of magnitude).
- Quebec minimum wage: $16.10/h since May 1, 2026.
Brian Hannasch fortune
These benchmarks allow us to quantify the gap and illustrate how quickly a CEO “catches up” to the average salary (≈ 10 hours for Quebec’s elite, fiscal 2023).
Why Does the Gap Persist?
- Disconnected bonuses: the variable portion grows even when results stagnate, through revised targets or internal metrics.
- Stock awards: the #1 driver of recent increases — nearly half of the total package.
- The scarcity myth: 76% of “Top 100” CEOs are promoted internally (average tenure 21 years). The narrative of a “hyper-competitive market” that supposedly justifies outsized pay is overstated.
Joseph C. Papa fortune
Recent Public Measures and Proposed Solutions
- Cap on the stock option deduction (federal, 2021): measurable effect, the share of options has declined since.
- Increase in capital gains inclusion rate (2024 budget): 66% above $250k in annual gains — notable impact for executives heavily exposed to stock holdings.
Proposals under discussion in Quebec/Canada: improved taxation of high incomes and capital gains, governance of compensation committees, transparency of CEO/worker ratios, and broader employee participation in value creation (profit-sharing, employee ownership).
Philip Fayer fortune
Comparative Example
| Group | Annual Compensation | Time to reach $60,007 (QC average) |
|---|---|---|
| Average employee (QC) | ~$60k | 1 year |
| CEO – large companies HQ’d in QC (avg.) | ~$12.4M | ≈ 10.1 hours |
| Top 100 CEOs in Canada (avg.) | ~$13.2M | 10, January 2 (business day 1) |
Frequently Asked Questions
Who are the highest-paid executives in Quebec?
Each year, 2024 proxy filings (fiscal 2023) show amounts exceeding $10–18M for several CEOs (Couche-Tard, Nuvei, TFI, CGI, Power, CN, etc.).
Thomas J. Appio fortune, CEO, Bausch Health
Is the gap with the average employee still widening?
After two record years, the gap is narrowing slightly but remains >200× in Canada and >200× in Quebec for the elite — a historically very high level.
Which sectors pay the most?
Finance, tech/payment platforms, transportation/logistics, telecoms, engineering, distribution — depending on bonus structure and market capitalization.
What about gender equality?
Progress has been made, but women remain clearly in the minority in the “Top 100” (3 out of 100 in 2023 in Canada) and are underrepresented at the top of major Quebec companies.
What difference does the minimum wage make?
At $16.10/h in 2025, it marginally reduces the gap at the lower end of the scale, but does not affect the mechanics of CEO packages (dominated by equity and bonuses).
Conclusion
In [2025], the picture is clear: the CEOs of major Quebec and Canadian companies earn in half a day what the average employee earns in a year. Packages continue to be driven by generous stock awards and bonuses, while base salary carries little weight. Despite some tax corrections, the gap remains structural. Transparency, governance of compensation committees, and greater employee participation in the value created remain the most frequently cited levers for rebalancing (at least partially) the situation.
Sample Compensation – Quebec Company Executives (2022)
| Name | Company | Total Compensation |
|---|---|---|
| Joseph C. Papa | Bausch Health Companies Inc. | $25,742,006 |
| Philip Fayer | Nuvei Corporation | $21,015,277 |
| Thomas J. Appio | Bausch Health Companies Inc. | $17,140,022 |
| Darryl White | Bank of Montreal | $14,285,506 |
| Serge Godin | CGI Group Inc. | $13,800,517 |
| Tracy Robinson | Canadian National Railway Company | $13,730,479 |
| Alain Bédard | TFI International Inc. | $13,725,105 |
| George D. Schindler | CGI Group Inc. | $13,627,963 |
| Mirko Bibic | BCE Inc. | $13,593,649 |
| R. Jeffrey Orr | Power Corporation of Canada | $13,311,802 |
| Glenn J. Chamandy | Gildan Activewear Inc. | $12,866,848 |
| Michael Rousseau | Air Canada | $12,375,100 |
| Brian Hannasch | Alimentation Couche-Tard Inc. | $12,269,263 |
| Alexandre L’Heureux | WSP Global Inc. | $11,530,245 |
| Laurent Ferreira | National Bank of Canada | $10,988,413 |
| Neil Rossy | Dollarama Inc. | $10,627,929 |
| Marc Parent | CAE Inc. | $10,598,763 |
| Dan Barclay | Bank of Montreal | $9,099,750 |
| Éric Martel | Bombardier Inc. | $8,666,398 |
| José Boisjoli | BRP Inc. | $8,546,282 |
| Ian L. Edwards | SNC-Lavalin Group Inc. | $7,976,320 |
In this list, only one woman holds a CEO position. It is clear that gender equality has yet to find its place at the highest levels of Quebec’s major companies.
Frequently Asked Questions
Who are the highest-paid executives in Quebec?
The CEOs of major Quebec companies, particularly in finance, energy, or telecoms, are among the highest-paid. Their annual compensation often reaches several million dollars, especially at publicly traded companies.
Comparison between the salary of a Quebec CEO and that of the average employee
In Quebec, a CEO generally earns far more than the average employee. A company executive can earn in a few days what a regular employee earns over an entire year.
The gap sometimes exceeds 200 times the average annual salary in the province.
Ranking of the 100 highest-paid company executives in Canada
Each year, rankings of the country’s highest-paid CEOs are published. These lists often include executives from Quebec and Canadian companies in sectors such as finance, mining, or telecoms, with earnings exceeding $10 million per year.
Sectors offering the highest salaries for company executives in Canada
Here are some sectors that offer the highest earnings for executives:
- Financial services
- Natural resources (oil, gas, mining)
- Telecommunications
- Information technology
- Pharmaceuticals
Comparison of the average Quebec CEO salary with international counterparts
Quebec CEOs earn high salaries compared to the international average. That said, they often remain somewhat below those in the United States, where executive compensation breaks records.
Difference between the income of a CEO and the average worker in Canada
In 2023, the average CEO in Canada earned approximately $13 million per year. That is more than 200 times the annual salary of an ordinary worker.
Frankly, this gap is striking. Pay inequality in the country is hard to ignore.
Editorial methodology
The estimates published by Lama Fortune rely on public sources, media references, and sector comparisons. They are provided for informational purposes only and do not constitute financial advice.
