Looking for new money-making opportunities? We have some ideas.
September 15, 2022
Are you ever sitting around thinking how nice it would be to have a little bit of extra income, but not sure what you want to invest your time doing? We’ve pulled together some ideas on how to make a little extra cash.
1. Start a side hustle, like selling handmade items on Etsy: Are you a crafty person? If you can dream it, someone out there probably wants to buy it. Online markets like Etsy are a great place to sell these items. Make sure you keep receipts and know which work expenses you can claim on your taxes!
2. Use your time and/or vehicle to run errands using apps like Uber and SkipThe Dishes: Many people who live in urban areas use services like meal and grocery delivery as part of their daily lives, so why not take advantage of having a car or bike and spend some evenings making deliveries? The cost of gas related to your deliveries is tax deductible as a business expense, too!
3. If you’ve got a cottage or property that you don’t always use, rent it on Airbnb: While your property value appreciates whether you use it or not, what a great way to make some extra cash. Cleaning supplies and marketing can be deducted as business expenses as well.
4. Find a new vocation: Now is a great time to learn new skills and increase your earning potential. Though a higher salary means a higher tax bracket, Canada has a graduated or progressive taxation system, so contrary to internet urban legends, you’ll never take home less pay just because you entered a new tax bracket. Also, some provinces have tax credits and benefits for increasing your knowledge base, which can help when you’re balancing adult life expenses and going to school.
You can also join us! If you want to be a Tax Expert and help other Canadians make money, learn more about the H&R Block Tax Academy, where you can enroll in our online tax course and start a new career.
And while you navigate finding new ways to earn more bucks, H&R Block Tax Experts are always here to help you figure out how tax changes will impact your return.