Inflation is hurting many Canadians in the pocketbook, but that’s not the case when it comes to the earnings for the top 100 Canadian CEOs.
A new report from the Canadian Centre for Policy Alternatives shows that the highest earning Canadian CEOs broke every compensation record in the book in 2022.
CEOs were paid an average of $14.9-million—246 times more than what the average Canadian worker makes.
DT Cochrane, Research Associate with the Centre, says inflationary pain for consumers was financial gain for business giants.
He says many corporations saw higher profits, which meant CEOs were able to meet the benchmark to claim hefty bonuses that make up a majority of their pay.
Cochrane believes the federal government should cap the amount that corporations can deduct to compensate their higher ups, and points to more strict regulations in the United States.
In the US, corporations are only allowed to deduct a million dollars. Any additional income is taxable. That’s not the case in Canada as big companies are allowed to claim the extra earnings as a business expense.
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2024-01-04 10:24:00Z
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