The Loaded List: we catalogue the astronomical salaries of Toronto’s ruling class

The Loaded List: we catalogue the astronomical salaries of Toronto’s ruling class

It’s not particularly polite to ask rich people what they earn. But tact is overrated, and we wanted to know, so we asked anyway. When they told us to get lost, we got sneaky. We dug up disclosure documents, annual reports and the tax filings of charitable organizations. When those trails went dry, we surveyed industry insiders who know what other people make—headhunters and consultants and analysts and colleagues—and asked for an educated guess. After hundreds of calls and emails and deep-throat meetings in dark alleys, we phoned the high earners back and told them what we found. Again, with feeling, they told us to piss off.

What follows is our shamelessly gawking, as-precise-as-possible examination of the highest-paid people in the city’s top industries. When the information was available, we included bonuses and perks and, in some cases, exercised stock options. Our findings verified that a high earner in finance is almost always on a different plane (a private jet, usually) than a high earner in, for example, the lowly arts. One major discovery: Heather Reisman took a pay cut. One truth reconfirmed: no matter how rich you are, there’s always someone who makes a helluva lot more.




Top Earners

Peter Marrone
Yamana Gold
$9,927,227 Production of 1.05 million ounces of gold is quite a feat for a company that was only formed in 2003. Yamana already has seven active mines and five in development. Marrone, its CEO and chair, left investment banking to form the start-up with a dozen employees. He says output is set to rise to 1.7 million ounces by 2014, as four of Yamana’s developing mines reveal their riches.

Aaron Regent
Barrick Gold
$9,592,240 Three years ago, Regent was offered the top spot at Barrick by the founder and chair Peter Munk. In 2010, the company, owner of the world’s largest gold reserves, produced 7.8 million ounces of the precious metal. Munk, who picked up $3,206,557 himself, has lauded his disciple, still only 45, for his “enormous thinking, enormous conviction.”

Tye Burt
Kinross Gold
$9,301,170 In 2007, gold was trading at $740 an ounce. The following year, as stock markets crumpled, it rose above $1,000 for the first time ever. Last February, Burt, Kinross’s CEO and president, predicted that prices would go way beyond that week’s $1,409 an ounce. In early August they blasted past the $1,800 mark. His 2010 compensation included the eminently practical perks of a home security system and financial counselling.

Top Earners

Russell Peters

Russell Peters
$10,000,000 Sellout gigs across the globe, huge DVD sales and a movie role as a failed comedian entangled in a terrorist plot ensured the Brampton boy remained one of stand-up’s highest-paid practitioners.


$3,810,630 Reports leaked by reveal that the comely hip-hop artist commands $155,000 per concert. (Justin Bieber gets $300,000.) Drake’s website notes 24 dates on last year’s Light Dreams and Nightmares tour. His second album, Take Care, due out at the end of October, should up the asking price.

Matthew Teitelbaum
Art Gallery of Ontario
$312,862 Teitelbaum’s 2010 compensation plummeted to plebeian levels after 2009’s bonus of $665,000 for completion of Transformation AGO and $89,000 from the AGO Foundation for his fundraising efforts. The 2010 total includes almost $32,000 in taxable benefits. Those benefits can’t compare to the ones previous AGO director Glenn Lowry now enjoys. He is housed, rent-free, in the MoMA’s luxury condo tower in midtown Manhattan and commutes mere steps to his office.

Janet Carding
Royal Ontario Museum
$260,000 William Thorsell, Carding’s predecessor as CEO, is now running his own mountaintop coffee, banana and mango plantation in Costa Rica. His ROM expansion left the Romanesque building with a jagged addition that, depending on who you ask, is a stroke of architectural brilliance or a curator’s nightmare. Carding is happy: attendance revenues continue to climb because of blockbusters like a show of Chinese terracotta warriors.


Piers Handling
$250,000 No longer simply an annual extravaganza of movies and celebrities, TIFF is a year-round commitment to research, education and cinema within a luminescent five-storey box downtown. Handling, the director and CEO since 1994, almost handed the reigns to his protege, Noah Cowan. Apparently unable to imagine a life without one of TIFF’s chauffeured black SUVs, he grabbed them back.

Albert Schultz
$250,000 The repertory company, which started in 1998 with two plays, a $700,000 budget and a chorus of “Nice idea, but no chance,” has grown into something spectacular. The quality of its productions often surpasses that of Stratford’s, and its $7-million budget covers a performing arts centre, outreach, a school and a score of productions. Artistic director, co-founder and fundraiser Schultz is its fiery thumping heart.

Michael Ondaatje

Michael Ondaatje
$90,000 The advance Ondaatje received from his Canadian publisher reflects the lowered expectations for his novels after the glorious wartime romance that was The English Patient. McClelland and Stewart published his latest offering, The Cat’s Table, in late August. The book’s positive reviews could herald an increase in earnings.

Top Earners

Sheldon Inwentash
Pinetree Capital
$34,590,902 The investment fund doubled the size of its portfolio (with a heavy focus on oil and gas, metals and rare earths) to $794 million last year. It also changed its CEO’s pay structure, allowing Inwentash (who resembles Nathan Lane, though with less twinkle) to take 10 per cent of the firm’s growth, as opposed to 10 per cent of the realized pre-tax profit. This left him with $1 million in salary and a $32.2 million bonus. Second-highest compensation went to VP of trading Jamie Levy, who received a mere $338,267.


Eric Sprott
Sprott Asset Management
$27,037,800 In 2010, the mutual and hedge fund company earned $200 million in performance fees. The majority of those fees were generated by funds for which the chair and CEO was lead portfolio manager. Sprott recently declared gold to be “the investment of the last decade.” He has sold two million units of the gold holdings of his charitable organization, the Sprott Foundation, and is using the money to buy silver: “the investment of this decade.”

Brent Chapman
IAM Corp.
$1,147,315 Integrated Asset Management holds $2.4 billion in capital and assets under management. Chapman, the head of GPM, the real estate arm of IAM, was entitled to an annual salary of $240,000 plus 10 per cent of GPM’s pre-tax earnings. In contrast, IAM’s chair and CEO, Victor Koloshuk, received only $431,000.

Top Earners

JosÉ CalderÓn
Toronto Raptors
$9,780,000 The point guard’s compensation seems a tad generous for someone the commentators praise with such lines as “[his] porous defence improved slightly.” He recently told a Spanish interviewer that he’d like to play for the Lakers. Now there’s gratitude.

Jose Bautista

Jose Bautista
Toronto Blue Jays
$8,225,600 The Jays’ GM Alex Anthopoulos is betting that Bautista will retain his newly discovered hitting power for at least another five years. In February, Bautista inked a $64-million contract, with a club option for a sixth year that would raise the deal to $78 million. Joey Bats will take home $14 million every year from 2012 to 2015.


Dion Phaneuf
Toronto Maple Leafs
$6,683,300 The Leafs captain is one of the highest-paid defencemen in the league. His performance improved in the latter half of last season, but he still has much to do in order to justify his worth, or that arena of booing fans will only get louder.

Bryan Colangelo
Toronto Raptors
$4,000,000 GM and president Colangelo had a nerve-racking few months with his contract up for renewal. After the team missed the playoffs for the last three seasons, there was a certain resistance on the part of some board members to keep him around. In May, he was given another two years with an option for a third year that also includes incentive-based guarantees on his final year’s salary. Do well by us, and we’ll do well by you.

Brian Burke
Toronto Maple Leafs
$3,000,000 GM Burke is in the middle of his six-year contract. We love the gruff straight shooter who, like the rest of us, is sure the Holy Grail will again be held aloft on Maple Leaf ice. In the meantime, his aim is simple: “Get 20 guys who want to win as badly as I do, or I am going to keep putting people on airplanes.”

Julian de Guzman
Toronto FC
$1,964,629 The defensive midfielder is the club’s number one earner. Is he worth it? Probably not. But in his mind he’s not to blame. In answer to a question about why he isn’t universally loved, he said: “Because of the money I allegedly make and politics of the football culture in North America.”

Top Earners

Frank Stronach
Magna International
$61,809,737 His gargantuan bonuses have long been greeted with impotent outrage, but last year’s compensation was supplemented by a deal that brought on the scrutiny of the OSC. In return for $886 million, the Stronach family trust agreed to a buyout of the multiple voting shares (an unprecedented premium of nearly 1,800 per cent) that allowed it to maintain an iron grip on the company. Stronach stepped down as chair of Magna in May but remains a consultant (eligible to earn millions) and is one of the company’s single biggest shareholders.


Belinda Stronach

Belinda Stronach
Magna International
$20,977,189 Frank’s daughter resigned from her post as executive vice-chair in 2010. Her compensation included use of the corporate jet and a $9.7-million fee to terminate her “business services agreement.” Current preoccupations include her chef boyfriend Cory Vitiello and the Belinda Stronach Foundation, which focuses on children’s initiatives such as female education and the distribution of anti-malaria mosquito nets in countries like Rwanda, Liberia and Uganda.

Bill Wells
Valeant Pharmaceuticals International
$14,361,828 In September 2010, Biovail, Canada’s largest publicly traded drug company, merged with California-based Valeant Pharmaceuticals. Wells, Biovail’s CEO, received a severance of more than $4 million. He became non-executive chair of the new enterprise, but he left the company after less than three months. The board reportedly waived his required 60 days’ notice.

Gerry Schwartz
$8,229,040 The investment giant Onex experienced a 2010 loss of $51 million, in stark contrast to its profit of $112 million in 2009. The 70-year-old Schwartz’s compensation as CEO was halved. He’ll need another, even more drastic pay cut if he’s to live up to his philosophy: “Dying rich has always struck me as dumb.”

Allan Leighton
George Weston Ltd.
$8,028,632 In February, as Loblaw’s profits and sales declined despite an attempted “renewal,” brash Brit retail exec Leighton announced he was stepping down as president. (He remains deputy chairman of holding company George Weston Ltd.) In the outer reaches of the empire, Prince Charles and Rupert Murdoch’s pal had been unable to duplicate his British triumphs with the grocery chain Asda and the Royal Mail. He is to resume his position as business advisor to the Weston family. Boss Galen G. Weston received $3,913,407.


Michael McCain
Maple Leaf Foods
$7,047,824 In July, McCain, who successfully shepherded the business through its listeria crisis three years ago, took control of his family holding company’s shares in Maple Leaf Foods. He can now forge ahead with his $1.3-billion plan to modernize and consolidate plant operations, which, despite shareholder objections, he feels is the only way to tackle U.S. competition. Those pesky shareholders also object to his consistently high compensation—despite static revenues. A pay cut seems unlikely.

Stephen Wetmore
Canadian Tire
$6,959,544 Appointed CEO in November 2008, the mild-mannered Wetmore is determined to up the testosterone level in Canadian Tire’s 485 stores: fewer scented candles, more lug nuts and, well, tires. Wetmore’s challenge is to streamline the dozens of committees and the 300-page contracts that govern the franchisees.

Jim Balsillie and Mike Lazaridis
Research In Motion
$5,217,949 each For one brief, shining moment, the BlackBerry was the epitome of technological cool. Then other wireless companies equalled RIM’s push and surpassed its pull—the long-delayed launch of the PlayBook defined that device as an also-ran. Now, many analysts feel it’s time to ditch the dual CEOs, who have been slow to respond to the surging competition. Instead, Balsillie and Lazaridis chose to fire 2,000 employees and tout a crucial “cost optimization program.” The matching compensation sums include $1,229,699 in incentive plans and special awards.

JÜrgen Schreiber
Shoppers Drug Mart
$3,275,807 Schreiber stepped down as president and CEO of Shoppers in February after the company’s first quarterly earnings decline since going public in 2001. This is the man who petulantly cut store hours in Health Minister Deb Matthews’ hometown after the Ontario government introduced its plan to ban payments by generic drug makers to pharmacies that stocked their products. His temper tantrum didn’t impress shareholders.

Mike Harris
Magna International
$772,126 Our former premier is Magna International’s new chair. He has served as a director since 2003, and he chaired the special three-member committee that facilitated Frank Stronach’s controversial $886-million share exchange. The OSC allowed the deal to proceed, but shareholders castigated Harris and his fellow committee members for not submitting a lower counter-offer during negotiations—a tactic Harris said he felt would be “counter­productive.” As a part-time director in the last fiscal year, Harris earned his high six figures for attending 43 meetings.


Dene Rogers
Sears Canada
$716,316 There were no bonuses of any kind in 2010 for the president and CEO of the increasingly bedraggled department store. Sears Canada’s net earnings have fallen 52 per cent since 2008, when Rogers’ total compensation was $3.5 million. Sales continued to shrink, and directors watched nervously as more and more foreign retailers arrived to poach Canadian shoppers. This summer, the company finally began to act. After five years in the top job, Rogers  was replaced by Calvin McDonald, who previously served as an executive at Loblaw.

Maureen Sabia
Canadian Tire
$416,866 The elegant and formidable chairman—she refuses to be addressed with the gender-­neutral “chair”—has been on the board for 26 years and is one of only a small number of women to hold a chairmanship in a public company. She has neither children nor holidays: “Life is choices,” she told the Globe and Mail. “Nobody can have it all.”

Heather Reisman

Heather Reisman
Indigo Books and Music
$400,000 Indigo’s CEO elected to reduce her salary by $100,000 for the fiscal year ending last April. The company’s executive bonuses—$500,000 for Reisman in the 2010 fiscal year—were eliminated as funds were ploughed into the fast-expanding Kobo e-book business.

Robert DeLuce
Porter Aviation Holdings
$204,167 A possible IPO from Porter was postponed last year when potential investors balked. Now, record-high passenger loads, new destinations and an expanding fleet are making a second kick at the can a much more interesting prospect. Company financial papers prepared for that first offering showed founder, president and CEO Deluce collecting a relatively small reward. He would also have received 4,200 restricted shares if the IPO had succeeded. Oh, plus he owns the terminal and all its equipment, enabling him to collect rental fees.

Top Earners

Nadir Mohamed

Nadir Mohamed
Rogers Communications
$8,580,492 In the face of new competitors, president and CEO Mohamed says “customer retention is hugely important.” In August, he allowed cable and wireless subscribers to view the remaining 54 games of the regular Jays season online for free. In September, the company applied to incorporate an in-house bank, which he describes as “focused on credit, payment and charge-card services.” The result: retail credit cards for a captive audience of millions.

Miles Nadal
MDC Partners
$6,282,192 Prolific tweeter and lover of the inspirational Sam Walton quote “Capital isn’t scarce; vision is,” Nadal is the founder and CEO of the world’s ninth-largest marketing firm. The company recently won a months-long bidding war to oversee the marketing needs of discount chic Target’s $2-billion foray into Canada.

Ellis Jacob
$4,501,087 Sixty-nine million Canadians forked over $900 million to Cineplex theatres last year for tickets and snacks. Since the October 2008 crash, company share prices have soared more than 120 per cent—people tend to go to the movies during a recession. Those figures, plus the popular Scene loyalty program, digital projectors and the showing of sporting events, opera and live theatre, explain why CEO Jacob’s contract was renewed through to 2015. The 57-year-old has been promised a $400,000-per-year pension.

Edward Rogers
Rogers Communications
$2,006,959 The Rogers family trust controls the media, cable and wireless giant through the ownership of 91 per cent of the class A voting stock. Edward is chair of the trust as well as the company’s executive VP of emerging business and corporate development. A not insubstantial part of his earnings bankrolls the couture collection of Suzanne Rogers, his flaxen-haired wife.


John Cruickshank
$1,030,804 The Toronto Star remains the biggest newspaper in the land, with 2,331,400 weekly readers, though that figure may be influenced by the proliferation of freebie copies. As president and publisher, Cruickshank received a base salary of $400,000. Hitting his financial and strategic targets padded that figure.

Phillip Crawley
Globe and Mail
$800,000 In April, the pugnacious CEO and publisher of “Canada’s national newspaper” told attendees at a publishing conference: “It’s nice to be in a room of believers, as I always seem to be the last man standing touting print.” Confounding the seers and naysayers, Globe and Mail circulation increased 4.4 per cent in the three months after the debut of his gamble: a $1.7-billion, full-colour, entirely revamped daily.

Melinda Rogers
Rogers Communications
$673,574 John Tory called her “a nimble intellectual …quick, outgoing and gregarious.” Melinda is senior VP of strategy and development at the family firm, and she’s the sib with the MBA (Edward has a BA). As chair of the Jays Care Foundation, she throws her weight behind funding initiatives for at-risk youth and children in need.

David Thomson
Thomson Reuters
$600,000 David, along with his younger brother, Peter, co-chairs Woodbridge, the family firm that counts 55 per cent of Thomson Reuters among its media holdings. David is the company’s board chair and Peter is a director. David’s retainer is a miniscule slice of the family’s $23-billion fortune.

Christie Blatchford

Christie Blatchford
National Post
$250,000 After eight years at the Globe and Mail, the veteran of every major Toronto paper returned to the pages of the National Post in June. Love her or hate her, she is a huge draw for readers, and in the Globe cubicles staffers whispered, “What took them so long to take her back?”

Top Earners

Edward Sonshine
Riocan Real Estate Investment Trust
$5,231,534 RioCan, Canada’s largest owner of shopping malls, looks after assets of $7 billion. In 2010, Sonshine ended retirement speculation by signing a contract to stay with the company for another five years. This spring, he finalized a deal for RioCan to become Target’s largest Canadian landlord. He recently gave up his large York Mills home and moved into a downtown condo. He still drives to the big box stores to do his shopping.

Jim Leech
Ontario Teachers’ Pension Plan
$3,922,340 Net assets of $107.5 billion may sound ginormous, but Teachers’ is running a deficit of $17.2 billion. The CEO and president must contend with a growing cohort of retirees (one retiree for every 1.5 working teachers), and as more boomers take their permanent vacations, that imbalance can only get worse. Leech’s assignment is to come up with solutions. When he was 22, he resigned his army commission upon learning that only the old guys became generals. Now 64, he’s earning his civilian salary trying to prevent a pensioners’ disaster.

Michael Nobrega
$3,253,035 OMERS looks after the pensions of 400,000 Ontario municipal employees, with assets of $53.3 billion. Like Teachers’, it faces a funding shortfall as its pension obligations increase. The financial crisis wreaked havoc on public markets, and Nobrega, the president and CEO, is in the process of shifting half the fund’s assets into the private market, in areas such as infrastructure and real estate.

Top Earners

Gord Nixon
Royal Bank of Canada
$11,851,885 The president and CEO saw an almost six per cent raise in his direct compensation last year. Meanwhile, the bank’s earnings from its investment banking arm, RBC Capital Markets, fell 6.8 per cent. That unit’s co-heads, Doug McGregor and Mark Standish, earned $10.16 million and $10.37 million respectively, down from $12.95 million and $14 million the previous year.


Ed Clark
Toronto-Dominion Bank
$11,426,795 TD head Ed Clark was a close second when it came to total dollars earned. He had a good year: TD share prices soared, the bank saw record earnings and the Caldwell Partners named him outstanding CEO of the year.

Richard Waugh
Bank of Nova Scotia
$10,658,333 In June 2010, the bank’s president and CEO received a 50 per cent raise. A competitive analysis had shown Waugh’s base salary and bonuses sitting well below those of his peers. Not quite rags to riches, but it seems fitting that Waugh was recently presented with an award by the Horatio Alger Association of Distinguished Americans.

Gerry McCaughey
$9,913,000 Business writers like to describe McCaughey as bland Melba toast, but it’s unlikely he cares. Last year, the bank’s profits doubled to $2.5 billion, and McCaughey focused on domestic retail banking instead of riskier operations. In thanks, the directors more than tripled his bonus.

William Downe
Bank of Montreal
$9,542,600 The bank’s net income grew by 57 per cent in 2010, and the board declared itself pleased with its president and CEO. A portion of that growth may be due to Downe’s penchant for telling everyone he meets, from cab drivers to journalists, to move their money to BMO.

Donald Guloien
Manulife Financial
$9,291,346 The Big Banks have largely recovered from the turmoil of the past few years; Manulife, however, is trading at 60 per cent below its 2007 high. The company failed to meet its 2010 financial goals and posted a net loss of $391 million. Guloien took over as CEO and president in 2009 after a 28-year plod up the company ladder. In response to those year-end figures, Guloien’s compensation fell, slightly, from $9.66 million in 2009.


Donald Stewart
Sun Life Financial
$8,265,495 After 13 years at the helm of Canada’s third-biggest insurer, Stewart, the longest­-serving head of any major Canadian financial institution, is to retire at the end of November. The dour Scot was always wary of risk, but Sun Life’s shares have doubled in value since the company began trading on the TSX in 2000.

Bill Holland
CI Financial
$2,533,000 After 21 years building CI into one of Canada’s largest independent mutual fund companies, with $75 billion in investor assets, Holland left the post of CEO last September to serve as executive chair. Holland believes that the vast majority of CEOs are seriously overpaid. CI’s own top executives share an assistant and have no pension plan. His company shares are worth about $260 million, and he and his wife, Susanne, recently gave $20 million to Bloorview.

Robert Prichard
Board Director
$809,828 The influence of the former CEO of Torstar spans the city. He is a trustee of SickKids Hospital and a director of the Toronto Community Foundation. As president and CEO of Metrolinx until September of last year, he earned $270,187. As a director of George Weston, his $150,000 in fees included a $100,000 retainer and $2,000 for each meeting attended. At Onex his total came to $198,141, and at the Bank of Montreal there was another $100,000 retainer, plus a $4,500 travel fee.

Prem Watsa

Prem Watsa
Fairfax Financial Holdings
$644,057 Fairfax raked in profits of $1.5 billion (U.S.) in 2008 after Watsa, the firm’s controlling shareholder, moved its portfolio from the treacherous stock market to bonds and cash. In August, Fairfax bought William Ashley. If proven correct in his warnings of a double-dip recession, he can toast his acumen using the finest crystal.


David Peterson
Board Director
$499,187 Directorships seem to come easily to pensioned politicos. Peterson’s appointments include Shoppers Drug Mart (for which he receives $148,234); VersaPay ($128,300); Rogers Communications ($126,180); Franco-Nevada ($40,973); and Industrial Alliance ($55,500). He’s also serving his second three-year term as chancellor of the University of Toronto. The job carries no salary or stipend, but it requires that he attend convocation and gravely shake the hands of 12,500 graduates each year.

Top Earners

Robert Bell
University Health Network
$831,432 Now in the middle of a second five-year term as CEO and president, Bell oversees three hospitals—Princess Margaret, Toronto General and Toronto Western—and a research budget of $265 million. Teaching hospitals are pole stars of up-to-­the-minute procedures and treatments, and UHN trains more than 3,000 medicos each year. It’s actually a good thing that 14 students are watching your proctology exam.

William Moriarty
University of Toronto
$698,720 The president of the University of Toronto Asset Management Corporation was the second-highest-paid university official in the land for 2010 (after David Johnston, the University of Waterloo president who recently left to serve as Governor General). He oversees the troubled investments of the university’s pension trust, capital appreciation and expendable funds. After 2008’s catastrophic $1.5-billion loss wiped out nearly 30 per cent of the school’s pension and endowment funds, Moriarty became chief investment officer and curtailed high-risk investments such as hedge funds and private equity.

Bruce McCuaig
Metrolinx (and Ministry of Transportation)
$466,595 Only three months after taking over as president and CEO, McCuaig found himself dealing with a new mayor who had little truck with the transportation authority’s supposedly done deals. He must look back on his job as deputy minister of transportation, shepherding 4,000 public servants, as money for jam.

David Miller
City of Toronto
$350,122 Former city politicians can opt to receive their severance bounty (a month’s pay for every year served, to a maximum of 12 years) in two easy payments. Miller chose to take $102,262 in 2010 and the remaining $65,508 in 2011. After saying goodbye to city hall, he accepted a fellowship at New York University, began practising law at Aird and Berlis and hit the lecture circuit to enlighten companies and governments about the creation of “sustainable urban economies.”


Bill Blair

Bill Blair
Toronto Police Service
$328,977 The chief’s pay rose almost six per cent in 2010, but his 88 per cent approval rating plummeted after the G20. He is, however, pleased with the recent 11.5 per cent pay increase for his officers ($83,840 for a first-class constable), which will make them the highest-paid force in the province.

Joe Pennachetti
City Hall
$327,952 The city manager’s recent proposed budget cuts portrayed the future Toronto as a deprived little enclave of few museums, bad teeth and no Christmas. Pennachetti is city hall’s most senior civil servant and its highest paid.  His salary increased nearly $12,000 in 2010.

Chris Spence
Toronto District School Board
$289,956 Overseeing the largest school board in Canada and its $2.8-billion budget brought the director of education a slew of both brickbats and bouquets for his ideas on all-boys schools, solar energy and suspension rates. An attempt to generate revenue from hallway TV ads was short-lived.

Jim Flaherty
Federal Government
$233,247 When the renowned penny-pincher took over the finance ministry in 2006, our public debt was $467.3 billion, with a budget surplus of $13.8 billion. Under his watch, the projected debt for 2012 is about $600 billion, and the budget surplus became a $30-billion deficit.


Gary Wright
City of Toronto
$180,883 It may come as a surprise to learn that the metropolis that allowed the building of CityPlace actually has an urban planning department, but it does—the largest in the country. Its executive director and chief planner has spent 36 years there and is soon to retire. Rob and Doug Ford, with visions of waterfront Ferris wheels in their heads, will choose a replacement.

Rob Ford
City of Toronto
$167,770 Ford’s salary as mayor is supplemented by his undisclosed earnings as chief financial officer at the family firm, Deco Labels and Tags. He agreed to freeze his mayoralty pay at last year’s rate.

Hazel McCallion
City of Mississauga
$138,289 She’ll be gone from office in a few years. Surprisingly, there’s only a small city pension to collect at the end of 12 terms. A late-starting public service career and rules forbidding contributions to the pension plan after age 71 mean McCallion will be collecting just $1,800 a month.

Doug Ford
City of Toronto
$99,619 “We can’t be giving ourselves increases and then asking everyone to cut,” the millionaire businessman and greenhorn councillor said of the 2.6 per cent cost-of-living adjustment to which city councillors were entitled this year. Only three of his peers had the cojones to disagree. Ford said he would give his city salary to community groups and will release a list of said donations at the end of the year.

$61,809,737 Frank Stronach Magna International


$34,590,902 Sheldon Inwentash Pinetree Capital

$27,037,800 Eric Sprott Sprott Asset Management

$20,977,189 Belinda Stronach Magna International

$14,361,828 Bill Wells Valeant Pharmaceuticals International

$11,851,885 Gord Nixon Royal Bank of Canada


$11,426,795 Ed Clark Toronto-Dominion Bank

$10,658,333 Richard Waugh Bank of Nova Scotia

$10,000,000 Russell Peters Comedian

$9,927,227 Peter Marrone Yamana Gold

$9,913,000 Gerry McCaughey CIBC


$9,780,000 JosÉ CalderÓn Toronto Raptors

$9,592,240 Aaron Regent Barrick Gold

$9,542,600 William Downe Bank of Montreal

$9,301,170 Tye Burt Kinross Gold

$9,291,346 Donald Guloien Manulife Financial


$8,580,492 Nadir Mohamed Rogers Communications

$8,265,495 Donald Stewart Sun Life Financial

$8,229,040 Gerry Schwartz Onex

$8,225,600 Jose Bautista Toronto Blue Jays

$8,028,632 Allan Leighton George Weston Ltd.


$7,047,824 Michael McCain Maple Leaf Foods

$6,959,544 Stephen Wetmore Canadian Tire

$6,683,300 Dion Phaneuf Toronto Maple Leafs

$6,282,192 Miles Nadal MDC Partners

$5,231,534 Edward Sonshine Riocan Real Estate Investment Trust


$5,217,949 Jim Balsillie Research In Motion

$5,217,949 Mike Lazaridis Research In Motion

$4,501,087 Ellis Jacob Cineplex

$4,000,000 Bryan Colangelo Toronto Raptors

$3,922,340 Jim Leech Ontario Teachers’ Pension Plan


$3,810,630 Drake Musician

$3,275,807 JÜrgen Schreiber Shoppers Drug Mart

$3,253,035 Michael Nobrega OMERS

$3,000,000 Brian Burke Toronto Maple Leafs

$2,533,000 Bill Holland CI Financial


$2,006,959 Edward Rogers Rogers Communications

$1,964,629 Julian de Guzman Toronto FC

$1,147,315 Brent Chapman IAM Corp.

$1,030,804 John Cruickshank Torstar

$831,432 Robert Bell University Health Network


$809,828 Robert Prichard Board Director

$800,000 Phillip Crawley Globe and Mail

$772,126 Mike Harris Magna International

$716,316 Dene Rogers Sears Canada

$698,720 William Moriarty University of Toronto


$673,574 Melinda Rogers Rogers Communications

$644,057 Prem Watsa Fairfax Financial Holdings

$600,000 David Thomson Thomson Reuters

$499,187 David Peterson Board Director

$466,595 Bruce McCuaig Metrolinx (and Ministry of Transportation)


$416,866 Maureen Sabia Canadian Tire

$400,000 Heather Reisman Indigo Books and Music

$350,122 David Miller City of Toronto

$328,977 Bill Blair Toronto Police Service

$327,952 Joe Pennachetti City Hall


$312,862 Matthew Teitelbaum Art Gallery of Ontario

$289,956 Chris Spence Toronto District School Board

$260,000 Janet Carding Royal Ontario Museum

$250,000 Christie Blatchford National Post

$250,000 Piers Handling TIFF


$250,000 Albert Schultz Soulpepper

$233,247 Jim Flaherty Federal Government

$204,167 Robert DeLuce Porter Aviation Holdings

$180,883 Gary Wright City of Toronto

$167,770 Rob Ford City of Toronto


$138,289 Hazel McCallion City of Mississauga

$99,619 Doug Ford City of Toronto

$90,000 Michael Ondaatje Writer


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