Canada is one of the world’s most beautiful countries—mountains, lakes, and endless wilderness—but it’s also a land of opportunity. Whether you’re looking to boost your income with some side hustle or build long-term wealth through smart investments, Canada has plenty of ways to fatten your wallet. Let’s take a dive into the best methods to make money in Canada, from real estate to tech, and everything in between.
1. Understanding Canada’s Economic Landscape
Before diving into the ways you can make money, it’s important to know a bit about Canada’s economy. Canada is a global economic powerhouse, with a GDP of about CAD $2.3 trillion as of 2024. Its economic landscape is diverse, spanning everything from natural resources (like oil and mining) to finance, tech, and healthcare.
Canada’s economy has shown impressive resilience even through tough times, like the COVID-19 pandemic, and continues to thrive. With inflation hovering around 3% and the Bank of Canada’s interest rate at 4.5% in 2024, the financial environment is favorable for investors, though it’s always a good idea to keep an eye on how these factors impact your choices.
2. Top Ways to Make Money in Canada
Now that we’ve set the stage, let’s get into the good stuff: the actual ways to make money.
Real Estate Investment
If you’ve been keeping an eye on Canada’s real estate market, you’ll know it’s been hot—property prices in Toronto average around CAD $1.1 million in 2024, and Vancouver isn’t far behind at CAD $1.2 million. While that might sound intimidating, real estate still presents an excellent way to build wealth over time.
If you don’t want to buy a property directly, consider REITs (Real Estate Investment Trusts). With a 5% average return, REITs allow you to invest in real estate without the hassle of managing properties.
Stock Market and ETFs
Let’s talk about the stock market, where you can potentially grow your wealth in the long run. With top Canadian companies like Shopify (up from CAD $100 per share in 2016 to over CAD $1,500 in 2024), investing in stocks can be very rewarding. But as with any investment, you should be careful and do your homework.
For beginners, Exchange-Traded Funds (ETFs) are a fantastic way to dip your toes into investing without putting all your eggs in one basket. A popular choice is the iShares S&P/TSX 60 Index ETF, which gives you exposure to 60 of Canada’s largest companies, like Royal Bank of Canada and Enbridge.
Cryptocurrency and Blockchain
You’ve probably heard of crypto by now, and if you’re in Canada, there’s no shortage of opportunities. Canada was one of the first countries to approve a Bitcoin ETF in 2021, and the government has been relatively friendly to the industry. With Bitcoin fluctuating between CAD $60,000 to $70,000 per coin in 2024, it’s a volatile but potentially lucrative market.
Canada also has several platforms like Bitbuy and WealthSimple, making it easy to invest in crypto, stocks, or both. Blockchain technology, which powers crypto, is also making waves. Canada is home to several blockchain startups, and if you’re looking to get in on the ground floor, the DeFi (Decentralized Finance) sector is worth watching.
Starting an Online Business
In 2024, e-commerce sales in Canada reached a whopping CAD $36 billion. If you’re thinking about starting a business, the internet is the way to go. Whether you sell physical products, digital downloads, or services, the opportunities are endless. Canadian entrepreneur Tobias Lütke created Shopify, which has now become one of the largest e-commerce platforms in the world.
If you’re not sure where to start, consider freelancing or creating digital products. Canadians are making money by designing websites, writing content, and creating courses. Platforms like Etsy and Udemy are perfect for selling your creations to a global audience.
Side Hustles and Gig Economy
Not everyone wants to jump into full-time entrepreneurship. That’s where side hustles come in. Ridesharing services like Uber and Lyft are booming in Canadian cities. In fact, there were over 1.2 million gig workers in Canada in 2024. Whether it’s delivering food through DoorDash or offering rides, the gig economy offers flexible ways to make money.
You can also rent out things you own. Have a spare room? Rent it on Airbnb. Got a car you’re not using? Use Turo to rent it out to others. These easy-to-use platforms make it simple to earn a few extra bucks on the side.
Investing in Startups
Venture capital in Canada is on the rise. In 2024, venture funding reached over CAD $4 billion in Canada, with a particular focus on tech startups. If you’re willing to take on a bit of risk, you could invest in the next big thing.
Platforms like FrontFundr allow Canadian investors to buy shares in early-stage companies. These opportunities can be highly rewarding, but remember, not every startup will make it.
3. Passive Income Strategies in Canada
Who doesn’t love making money while you sleep? Here are some great ways to earn passive income in Canada:
Dividend Investing
Canada’s big banks, like Toronto Dominion Bank (TD) and Royal Bank of Canada (RBC), have long been reliable dividend payers. A solid dividend yield of 3-5% is common, which means you’re getting paid just for holding onto your shares.
And the best part? If you have a Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP), you can earn those dividends tax-free or tax-deferred. That’s a huge perk in Canada’s tax system.
Peer-to-Peer Lending
Another passive income option is peer-to-peer lending. Platforms like Lending Loop allow you to lend money to small Canadian businesses and earn interest on your investment. Returns typically range between 5-8% per year, and you get to help out entrepreneurs in your community.
Renting Out Assets
If you own a home, car, or even tools, why not put them to work? Renting out a vacation home on Airbnb can give you extra income—especially with the growing demand for short-term rentals in places like Banff and Whistler. In fact, the average Airbnb host in Canada made CAD $11,000 in 2023.
If real estate isn’t your thing, consider renting out your car on Turo or tools through websites like Loanables. These platforms make it simple to rent out your assets to others and make money when you’re not using them.
Creating and Selling Digital Products
In today’s digital world, creating and selling digital products is a fantastic way to earn passive income. Think about it: once you’ve created a product, whether it’s an ebook, online course, or stock photos, you can sell it over and over without much ongoing effort.
Canada’s tech-savvy population is highly engaged in online learning and content consumption. Platforms like Udemy, Skillshare, and Etsy make it easy to sell your creations to a global audience. In fact, the Canadian digital goods market was valued at around CAD $2.5 billion in 2023. That’s a huge opportunity for creators!
For instance, if you’re a photography enthusiast, you can sell your photos on stock photo websites like Shutterstock or Adobe Stock. Once uploaded, you can earn royalties every time your photo is downloaded, providing a steady income stream with minimal maintenance.
Investing in Peer-to-Peer Real Estate Platforms
If traditional real estate investing feels too complex or expensive, peer-to-peer real estate investing might be your ticket to earning passive income. Platforms like Groundfloor and Addy in Canada allow you to pool funds with other investors to fund real estate projects—like residential developments or renovations—without having to manage the property yourself.
The great thing about these platforms is that you don’t need to be a multi-millionaire to get involved. With some platforms, you can start investing with as little as CAD $100. These types of investments generally offer returns ranging from 5-10% per year, depending on the project.
It’s an ideal way to get exposure to the real estate market without buying a full property or worrying about maintenance issues. Plus, you’re helping to fund local real estate developments, which can feel like a rewarding way to make money.
Royalties from Music and Intellectual Property
Do you have a hidden talent for creating music, writing, or even inventing new products? If so, earning royalties from your intellectual property (IP) can be a lucrative passive income stream.
In Canada, you can register your music with SOCAN (Society of Composers, Authors and Music Publishers of Canada) to receive royalties every time your music is played, whether it’s on the radio, in stores, or during performances. The average musician in Canada makes CAD $1,000–$5,000 per year in royalties, but top earners can make much more.
Similarly, if you write a book, you could earn royalties each time your work is sold. Canadian authors typically earn around 10-15% royalties on physical book sales, and 25-30% on e-books. If you’re a creative, it might be time to think about how to turn your art into an ongoing income source.
Inventions and patents also work the same way. If you’ve invented something or come up with a unique idea, you can license it out and receive royalties every time your invention is used. Some patents can generate thousands of dollars annually in passive income, especially if they’re tied to a product in high demand.
4. Navigating Taxes and Financial Regulations in Canada
Now that you know how to make money, it’s important to understand Canada’s tax system. Canada’s federal income tax rate starts at 15% on the first CAD $53,359 of taxable income. But as you make more, your tax rate increases.
For investors, there are tax-friendly ways to earn money. With a TFSA, you don’t pay taxes on any income you earn, whether it’s from dividends, interest, or capital gains. If you use an RRSP, you get to deduct your contributions from your taxable income, reducing your tax burden.
5. Final Thoughts: Building Wealth in Canada
Making money in Canada isn’t a one-size-fits-all approach. Whether you want to dive into real estate, invest in the stock market, or start an online business, Canada has something for everyone. Just remember: consistency is key. Building wealth takes time, but with the right strategy, you can enjoy long-term success.
In 2025, the future is bright for Canadian entrepreneurs, investors, and side hustlers. So, pick a strategy that works for you, get started, and watch your wealth grow. And remember, there’s no better time than now to start building your financial future!
Get Started Today:
· Start researching REITs, open a TFSA, or sign up for a freelance platform. The first step is always the hardest, but once you start, you’ll be on your way to financial freedom.