The heads of Quebec’s largest companies are expected to earn 236 times more than the average annual salary in 2026. On the second day of the new year, the province’s top chief executive officers (CEO) have already pocketed the equivalent of what an average Quebec worker will earn in 12 months, according to the Observatoire québécois des inégalités (OQI). By Friday at 9:47 a.m., Quebec’s 21 highest-paid CEOs have already each earned $62,795 in 8.8 hours, according to the OQI. For another year, the OQI and the Canadian Centre for Policy Alternatives (CCPA) published their analysis of the 100 highest-paid business leaders in Canada, which includes 21 people who head companies headquartered in Quebec. The study compiles the compensation of CEOs of companies listed on the Toronto Stock Exchange. At the same time last year, Quebec’s highest-paid CEOs earned the equivalent of the average salary slightly less quickly, in 10.1 hours, according to the OQI. According to observatory economist Geoffroy Boucher, this widening gap reflects the increase in income inequality since 2020. “The income of the wealthiest individuals — the richest 20 per cent of the population — has increased significantly, while the other income quintiles have not increased much,” said Boucher. By 2026, the OQI estimates that Quebec’s top 21 CEOs — a group that includes only one woman — will have an average compensation package of $14.8 million, or 236 times the average annual salary. This includes salaries and various forms of bonuses, such as cash bonuses and stock options. In 2024, the top 100 Canadian CEOs each earned an average of $16.2 million, according to the CCPA report. Boucher notes that how compensation is calculated for large company executives has changed over the years, with the share of base salaries decreasing in favour of various forms of bonuses. “This is clearly linked, let’s say, to the tax incentives that CEOs can derive from it. We know that capital income is taxed much less in Quebec and Canada than income from work,” said Boucher. “As a result, CEOs end up with a compensation package that minimizes their tax liability,” he continued, adding that “a rethink of tax fairness is certainly needed in Quebec and Canada.” The economist points out that the purpose of the analysis is not to pass judgment on the compensation of corporate CEOs, which is decided by shareholders and boards of directors. The exercise aims to highlight the growth of economic inequality, he says. “There is a high concentration of wealth in the hands of a minority of individuals. On the other hand, we have a significant proportion of the population that does not have enough income to meet their basic needs,” adds Boucher. A peak for dividends The OQI and CCPA analysis also reveals that dividends declared by Canadian companies reached a new high in 2023. Payments to company shareholders from net profits totalled $341.5 billion, a 431 per cent jump from 20 years ago. The two organizations compare the data with companies’ labour costs, which mainly consist of their workers’ wages. The increase in these expenditures was 2.5 times less than the dividends paid, according to the OQI and the CCPA. “This raises the question of whether the employees of these companies are being paid enough for their contribution to the companies’ spectacular financial results,” said Boucher. The CCPA and OQI compile their data from information disclosed by companies in their proxy circulars for shareholder meetings. This report by The Canadian Press was first published in French on Jan. 2, 2026.
