The gap in pay between CEOs and the average Canadian worker is bigger than ever.

A new study by the Canadian Centre for Policy Alternatives (CCPA) has found Canada’s 100 highest paid chief executives made 227 times more than the average worker in 2018, up from the previous year when CEOs made 197 times more than the average worker.

The report shows the CEOs with the richest compensation among companies included in the S&P/TSX Composite Index made, on average, $11.8 million in 2018. Individual income for Canadian workers in 2018 came in at $52,061, on average.

“Put another way, by 10:09 a.m. on Jan. 2, the average top CEOs will have made as much money as the average Canadian worker will make all year,” said CCPA senior economist David Macdonald.

The report also found only four women are among Canada’s 100 top-paid CEOs.

In a news release Thursday, Macdonald called for the federal government to take action to deal with “runaway C-suite compensation.” He said the issue could be addressed through a review of tax loopholes, with a focus on the preferential treatment of stock options and capital gains.

The government has been vowing to change the way stock options are taxed, but its plan hit a speed bump in December when Finance Minister Bill Morneau delayed implementation of the new regime to allow more time to assess the types of startups and other emerging companies that will be spared from the tougher rules.