Canada's highest-earning CEO in 2025 runs a garbage business
If you’ve ever wondered how much Canadian CEOs earn, there is now an answer.
The Globe and Mail, in partnership with Global Governance Advisors, recently published a ranking of chief executive officers’ compensation in 2025.
They list the compensation for CEOs from the 100 largest public companies in Canada, which Global Governance Advisors pulled from management information circulars filed for fiscal year 2025.
Included near the very top of the list is Tobias Lütke, the co-founder and CEO of Shopify, a major e-commerce company based in Ottawa.
Lütke recently came under fire for a controversial exchange on the social media platform X. While responding to a conversation about capitalism and how some residents were against a tower development in San Francisco, he said that pensioners are dependents who shouldn’t get a vote.
New deal: when you get your pension deal it’s locked in and guaranteed. But now you are a dependent and that means no voting, just like dependents under age. Enjoy the deal, let people with a stake in the future decide.
— tobi lutke (@tobi) July 25, 2026
Eric Thor, another former executive from TD Bank, responded, saying that if you don’t pay any income tax, you don’t get a vote. He then suggested a plan that people who earn $100,000 or more get more votes in a tiered system, up to $500,000, for a maximum cap of five votes.
In response, Lütke said, “Good system.”
Other top-earning CEOs work in everything from mining to railroads to energy.
The Globe and Mail includes several types of compensation in its ranking; while base salary and bonus are pretty typical, there are several other categories from which CEOs are drawing hefty portions of their compensation.
For this story, we included the categories that make up each CEO’s total annual salary, including:
- All other compensation, which includes all other payments and cash value of perquisites (perks) and benefits.
- Share-based awards, which are defined as “the total value of shares, share units, trust units or similar long-term incentive plan grants in 2025.”
- Option-based awards, which are “the estimated grant date value of new stock options awarded to the CEO in 2025, as reported by the company.”
- Pension value, which accounts for the “additional annual value of the pension benefit earned by the CEO in 2025.”
Here are the top 10 earners of Canada’s CEOs in 2025.
10. Robert A. Mionis, Celestica Inc.
Robert A. Mionis is the chair and CEO of Celestica, a company which calls itself a “technology leader dedicated to driving customer success and market advancements.”
Mionis’ base salary was $1,607,125, his bonus was $4,821,375, and all other compensation was $527,601. His share-based awards were $17,383,223, and his option-based awards were $0.
His total reported compensation was $24,339,324.
9. Gregory L. Ebel, Enbridge Inc
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Gregory L Ebel is the president and CEO of Enbridge, an energy infrastructure company.
Ebel’s salary was $1,962,497, a bonus of $4,331,924, and all other compensation of $283,834. His share-based awards were $13,441,627 and option-based awards were $3,360,381.
Ebel’s total reported compensation was $24,388,263.
8. Ammar Al-Joundi, Agnico Eagle Mines Limited
Ammar Al-Joundi is the president and CEO of Agnico Eagle Mines Limited, a mining company.
Al-Joundi’s base salary was $1,399,680, his bonus was $3,079,996, and all other compensation was $24,987. His share-based awards were $19,476,748, option-based awards were $0, and pension value was $671,996.
His total reported compensation was $24,653,408.
7. Keith E. Creel, Canadian Pacific Kansas City Limited
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Keith E. Creel is the president and CEO of Canadian Pacific Kansas City (CPKC), a railway company.
His base salary was $1,887,030, his bonus was $3,761,742, and all other compensation was $328,769. His share-based awards were $12,022,313, option-based awards were $6,780,204, and pension value was $875,761.
Creel’s total reported compensation was $25,655,819.
6. Seetarama Kotagiri, Magna International Inc.
Seetarama Kotagiri is the CEO of Magna International, a parts manufacturer for automakers.
His base salary was $1,746,875, his bonus was $9,414,958, and all other compensation was $0. His share-based awards were $9,642,750, his option-based awards were $6,428,500, and his pension value was $0.
Kotagiri’s total reported compensation for 2025 was $27,233,083.
5. Charles Brindamour, Intact Financial Corporation
Charles Brindamour is the CEO of Intact Financial Corporation, an insurance company.
His base salary was $1,497,712, his bonus was $4,706,301, and all other compensation was zero. His share-based awards were $11,250,000, option-based awards were $11,250,000, and pension value was $617,432.
Brindamour’s total reported compensation was $29,321,445.
4. Mark Bristow, Barrick Mining Corporation
Mark Bristow is the former CEO of Barrick Mining Corporation, a mining company. He stepped down in September 2025.
His base salary was $1,867,672, his bonus was zero, and all other compensation was $29,809,765. His share-based and option-based awards were zero, and his pension value was $280,151.
Bristow’s total reported compensation was $31,957,588.
3. Tobias Lütke, Shopify Inc.
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Tobias Lütke is the aforementioned CEO of Shopify, an e-commerce company.
His base salary was $1. His bonus, all other compensation, share-based awards, and pension value were all at zero. But his option-based awards were at $48,912,536.
Lütke’s total reported compensation was $48,912,538.
2. Jim Kessler, RB Global, Inc.
Jim Kessler is the CEO of RB Global, Inc, a marketplace and parent company of well-known brands like Ritchie Bros.
His base salary was $1,330,497, his bonus was $3,145,476, and all other compensation was $30,118,722. His share-based awards were $24,898,346, option-based awards were zero, and pension value was $744,402.
Kessler’s total reported compensation was $60,237,443.
1. Patrick Dovigi, GFL Environmental Inc.
Patrick Dovigi is the president and CEO of GFL Environmental Inc., a waste and recycling collection company. He was the highest-earning CEO of a publicly traded Canadian company last year.
His base salary was $2,460,010, his bonus was $9,917,809, and all other compensation was $108,262,779. His share-based awards were $110,095,145, while his option-based awards and pension value were at zero.
Dovigi’s total reported compensation was $230,735,743.
With files from Amir Ali