Joyce has accepted honorary degrees from seven Canadian universities, including Mount Allison University, McMaster University, Cape Breton University, University of Calgary, Queen's University, Saint Mary's University, and University of New Brunswick. In 1994, he received McGill University's Management Achievement Award. In November 1996, Ron Joyce became only the second person to ever receive the Canadian Franchise Association's Lifetime Achievement Award. In April 1999, Ron Joyce was inducted into the Canadian Business Hall of Fame and in October of the same year, he was named Entrepreneur of the Year for Ontario and Canada. In November 2005, Joyce was the 2005 Humanitarian Award Recipient by the Canadian Red Cross, Nova Scotia Region for his work with the Tim Horton Children's Foundation and for his continued support of education and health organizations across the world.