12 May 2021



In these uncertain times, with the cost of living constantly rising, it can be hard to make ends meet even on a decent income. What options are there for adding to your income? Here are four concrete ways you can make money on the side.



What is ‘passive income’? Passive income is when you generate money from a source other than your regular job. While there are many ways to do so, there are a few guaranteed ways to generate income on the side.



Investments may be a heavy word for most people. While we imagine investing to be a high roller game, there are actual low-risk ways for everyday people to invest.

  • GICs. A GIC is a Guaranteed Investment Certificate. Essentially you lend the government money for a specific period of time at a set interest rate. When the period ends, you get your money back with the accrued interest, easy-peasy. Keep in mind that a GIC is a long-term investment. “Most GICs come in terms of 1 to 5 years – the longer the term, the higher the interest rate.” – YoungandThrifty.ca. Just be sure that you can go without that money for the allotted time because if you change your mind and choose to withdraw the money, there will be penalties. It’s a great way to save for a down-payment on a home, renovation, etc.
  • TFSA. A TFSA is a Tax-Free Savings Account. You can open one at your financial institution and can deposit up to $6000 for the year 2021. If you had never contributed to a TSFA before and became of age (18) in 2009 or earlier, you can make a retroactive deposit of $75 500. The money you deposit is tax-free whether or not you withdraw it later. Any money made from the interest gained will be taxed only when you withdraw it. This is a very basic investment and a great starting point. While you will see residuals, the interest rate is only slightly higher than a regular savings account. Therefore, it’s ideal to have simultaneous investments if you want to see a significant increase.
  • STOCKS. Stocks remain a high-risk investment, but high-risk also means greater return. If you are new to investing, don’t be discouraged. Companies like Wealthsimple.com can help spread a percentage of your money into passive investments and even reinvest your dividends. The smartest play when it comes to investing in stocks is,
    • Only invest a small percentage of your liquid assets.
    • Spread your investments out over multiple stocks.
    • Stay on top of your portfolio.
    • Be patient, slow and steady wins the race.



If you have the means to purchase housing or office space, you can benefit from the dividends of renting it out. Of course, real estate is a hands-on venture and requires a fair amount of planning, not to mention vetting whoever ends up renting from you. If you are up for the challenge, it’s a great way of making money on the side.



Do you ever notice furniture, clothing and other household items piling up? Is there a fair bit of your belongings that you never or rarely use? Why not clear your closets, cupboards and living areas and put them up for sale on your local community sale sites, like Marketplace or Kijiji. You will be surprised at how much you can make, how much better you will feel in a decluttered home, and the satisfaction of knowing your belongings will have a second life rather than ending up at the garbage dump. Just make sure of the following before posting your items.

  • Cleanliness. Make sure that whatever you are selling is clean. If you are selling an outdoor item that has collected dirt over the winter, incorporate that into your price and mention it in your description.
  • Defects. If whatever you are selling is defective, you should be honest and upfront about it in the description. It doesn’t mean the item is useless, but it does mean you should reduce your price and mention it clearly in the description.
  • Missing Parts. If there are any missing parts to what you are selling…once again, be upfront about it and lower your sale price.
  • Link. Link your related sale items in each post. You can get referral sales from one ad to the next.
  • Pricing. Before pricing your items, check out what similar items are going for on the site. If your item doesn’t sell within a week, try lowering the price. While you may have paid a pretty penny for the item initially, keep in mind that you are selling used items. (Even if they are “new” or “like new.”) Be fair in your pricing.



Do you have any artistic abilities when it comes to woodworking, painting or sewing? There is a market for repurposed items, and all too often, people toss something because it requires a little TLC.


In addition to finding ways to make a passive income, you can also reexamine your current financial habits. Learn the ABCs of personal financing to get back on track and maximize your current income. If times are tough and money is tight, you can also rely on Credito for a small, online loan. Credito is a dedicated Canadian online credit brokerage firm that supports hardworking families through hard times.

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