Canadian Women in Venture Capital (CWVC) has produced their Fifth Annual Canadian Venture Capital Industry Compensation Report. As the only industry report of its kind in Canada, this report delivers a national view of compensation across venture capital roles and uncovers new trends in pay equity, representation, and career progression for professionals across the industry. The report is powered by CWVC’s annual compensation survey, where this year responses were received from 203 men and women across Canada. The report has been broken down into Investment Roles and Operations Roles where appropriate to provide a more detailed perspective.
The 2025 report provides fresh insights into salary, bonus, and carried interest structures for investment and operations roles, highlighting how compensation differs for men, women, and BIPOC professionals. Early signals from this year’s data show areas where pay gaps are narrowing, where disparities remain persistent, and where firms are making notable changes to attract and retain talent.
“This year’s report shows meaningful shifts in how firms are thinking about compensation and employee benefits,” said Emily Tiessen, the Head of Community at CWVC. “It is encouraging to see progress in some areas, but the data also makes clear where work still needs to be done and we’re committed to helping drive this transparency.”
Industry leaders emphasize how the findings reflect broader trends shaping Canadian venture capital. “Pay transparency is critical to supporting long-term careers in venture,” said Fiona McCarten, Head of Partnerships at CWVC. “Growth opportunities and compensation are consistently cited as the primary reasons why people leave the industry, so these findings help our colleagues build sustainable development paths, while also encouraging firms to build more consistent and equitable compensation practices.”
The 2025 Compensation Report will be shared with the press to include in their coverage once confirmed.
Key Takeaways
Full details will be published in the report. Below are high-level themes shaping this year’s findings.
●Median compensation is rising: From 2020-2025, median compensation has risen across most investment titles, with the steepest increases occurring at senior levels. While junior roles show steady growth, compensation for VPs and Partners accelerates sharply in 2025.
●Central and Western Canada compensation gaps are closing: Up to the Principal level, compensation is similar across funds in Central and Western Canada. At the Vice President and Partner levels, compensation in Central Canada is not consistently higher than Western.
●Women in Partner roles continue to earn less than men: Women earn more than men at several junior and mid-level roles, but the gap reverses at senior leadership levels. This suggests that compensation inequities widen as professionals move into partnership positions.
●The industry is trending towards a common parental leave standard: ¾ of respondents receive a salary top up of 76–100%, signalling a majority common practice.
●⅓ of the industry may turnover in the next 3 years: With VC firms’ flat hierarchies and small teams limiting potential advancement, frustrations around career progression are evident in responses. This is further demonstrated by the finding that ⅓ of the Canadian VC workforce could turn over in the next three years, posing a notable retention risk.
