Canadians are excited about side hustles! Numerous surveys and reports have found significant growth in the number of side hustles being launched in Canada. For example, H&R Block found 28 percent of Canadians are starting side hustles, an increase of 13 percent year-over-year (YOY).
TORONTO, Sept. 13, 2023 /CNW/ – This quarter’s BMO Real Financial Progress Index reveals young Canadians are increasingly seeking guidance on side hustles, how to grow their money and achieve financial security amid concerns about rising interest rates, inflation, and economic uncertainty.
Canadians are demonstrating a keen interest in making money on the side through their recent searches for side hustles (part-time businesses). In fact, Canadians have researched the top side hustles an average of 131,040 times yearly, according to recent research from BonusFinder Canada.
H&R Block points to the upside of filing taxes for gig workers – and consequences of not declaring income.
The challenges of recent years have caused a paradigm shift in income generation. It has impacted how – and where – we work for a living. We’ve been rudely awakened to the importance of having multiple sources of income, both as businesses and individuals.
Recent events have shown us how important it is to have a backup plan, especially when it comes to our business and income. Established Canadian small businesses and home business owners naturally coped better with multiple revenue streams and digital options to serve consumers. Others did a massive pivot and managed to remain profitable.