MONTREAL—Canada’s 100 highest-paid CEOs have already banked more this year than the average Canadian will throughout all of 2016.

According to a new Canadian Centre for Policy Alternatives report on CEO pay in Canada, by 12:18 p.m. Jan. 4, the country’s best-compensated executives will have earned $48,636, or what the average full-time working Canadian earns all year.

Despite taking home what equates to a year’s salary for many on the first working day of the year, the pay of Canada’s top 100 CEOs actually declined in 2014. The highest-paid corporate chiefs saw their compensation dip two per cent from 2013 to 2014, but they still raked in an average of $8.96 million each, according to the think tank’s study.

The nearly $9 million in compensation equates to 184 times more than the average wage in Canada. To calculate CEO pay, the CCPA includes salaries, bonuses, share grants and stock options.

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For 2014, the highest paid CEO was Blackberry’s John Chen, who took home $89.7 million in total compensation.

Donald Walker of Magna International Inc. was the next highest paid, pocketing $23.4 million. Gerald Schwartz of the private equity company Onex Corp., who was the top paid CEO the previous year, earned total compensation of $21.1 million.

Peter Blake, the former CEO of Ritchie Bros. Auctioneers, was the lowest paid CEO on the list, earning $4.3 million in total compensation.

Only two women made the list—Linda Hasenfratz of Linamar Corp., who was compensated a total of $10.1 million, and Dawn Farrell of TransAlta Corp., who raked in $4.5 million.