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Hello! My padlet is about Finances - how to increase your money. The information that you're going to be going through is potential ways you can be increasing your money as a resident living in Canada. It covers points such as renting a room, investing, etc. All these ideas will help you in the future in some way. Goodluck!

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The image above is an excellent example of how to increase your finances. It's all about saving and planning to increase your assets in other areas to be successful in the future!

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This image represents that finance is all about efficiency! There are many steps involved to increase your money in a linear pattern as shown above. It takes dedication and time to reach your financial goals.

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1. What did you learn about your topic that surprised you the most?

What surprised me about financing (how to make more money) is REITs. I wasn't aware of the fact that you don't need to have much money to invest in REITs. I always assumed I would have to do this after I graduate but I'm willing to start investing, this week. I am excited to be apart of the REIT community and what I can learn from it. This is a skill that I will be using throughout my life.

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The article above indicates that furthering your education leads to financial success. There are many factors including; grow your income, build your career, professional/personal development, facilitate a career enhancement, enhance your marketability. All five of these components can help you become successful financially and help you build a portfolio for yourself.

I chose this website because not many people in our society value education as opposed to past generations. This article is specifically towards students/ people with educational background. Yes, todays norm is to be your own boss but to increase your money you can further your education by going back to school. An information that was useful was that a McMaster graduate assured us that she got a supervisor position at her firm after furthering her education.

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Today's tough economy has made the job market much more competitive. More than ever, it's important to upgrade yourself by investing in your education. Improved skills and certifications are the pathway to promotions and career advancement. McMaster University Continuing Education offers numerous certificate and diploma programs you can pursue online, according to your own schedule and at any stage of your education, career or life.

Here are the top 5 reasons to pursue continuing education:

1. GROW YOUR INCOME

Higher pay is the number one reason people choose continuing education. When you improve your qualifications by earning a diploma, certificate or professional designation, you may be able to negotiate a higher starting salary for a new position, or a raise from your current employer. There is a direct correlation between education credentials and earning potential. For example, the average base salary for Human Resources Managers in Canada with a University Diploma or above is $95,000. 1 So, if you're working in human resources and want to step up your career, earning a diploma in Human Resources Management makes great financial sense. Even if you are self-employed, additional skills gained through continuing education can increase your income. Studies in Accounting or even Web Design may allow you to take on work that you currently have to outsource.

While continuing education requires an investment of your time, online courses allow you to pursue a certificate or diploma on your own schedule. The cost of the courses is an investment in yourself which can provide you with a quick return and an increased income as you move forward in your career.

Will continuing education have a positive impact on your career?

Here's what recent McMaster University Continuing Education grads had to say:

"Almost immediately after taking the course, I was offered a supervisory position with my current employer."

- Mike, Addiction Studies grad, now an Addictions Counselor Supervisor

"I was in a different career, doing a customer service job. I decided to come back to McMaster. I definitely feel like I received a positive return on investment attending McMaster University. I was able to gain a whole new skill set which has helped me in my career."

- Tavneet, Human Resources Management grad, now a Recruitment Consultant

2. BUILD YOUR CAREER

Continuing education students often cite the desire for a promotion as the reason they return to school. You may be quite happy with your current employer, but an additional certification in Business Administration or Data Analytics could make you eligible for a better position. Your continuing education studies enable you to handle more responsibilities, give you advanced training applicable to your specific career and improve your overall job performance.
By adding to your academic credentials, you show your employer how dedicated you are to being an asset of ever-increasing value who should be considered for promotions. Working toward a professional designation, such as a CPA, can bring you increased knowledge, authority and improved financial rewards.

3. PROFESSIONAL AND PERSONAL DEVELOPMENT

Continuing education can help you feel more satisfied with your current career, opportunities and lifestyle through professional development. Learning about new trends and technologies will make you a more qualified candidate for any new job or promotion. Completing relevant courses and acquired certifications in your field can put you ahead of the competition.Even if you're completely content with your career, learning is a lifelong journey for all of us. Acquiring new skills or learning about a topic of interest will help with your personal development. McMaster University Continuing Education offers programs such as Mindfulness in Modern Society that can make a profound difference in both your personal and professional life.

With The Essentials program, McMaster University Continuing Education is also the place to learn the most sought-after people and professional skills that can help you get ahead in any career path and industry. Online workshops teach critical soft skills ranging from communication, innovation, and productivity to teamwork, leadership and more. To perform efficiently, to work well with others, to achieve your goals, these are the essential skills you need to successfully navigate today's competitive business environment.

4. FACILITATE A CAREER TRANSITION

Thinking of pursuing a different career? Or perhaps you want to be ready for upcoming changes in your own field? Either way, continuing education can prepare you for the future by helping you gain the knowledge and skills you'll need to qualify and succeed in your chosen career path. For example, Applied Clinical Research and Health Informatics are currently two of our most popular offerings among those planning to enter the field, as well as experienced health professionals.

Best of all, continuing education can let you get a glimpse into a new profession by taking one or two related courses. Without making a full commitment, you can quickly discover if a new field is really the right path for you.

5. ENHANCE YOUR MARKETABILITY

Continuing education increases your marketability and value to employers in several ways. Having relevant courses and certifications in your field on your resume indicates that you are more qualified than other candidates for a position or promotion. It also shows that you are open to take on and succeed at new challenges. At the same time, by keeping your knowledge up to date through continuing education, employers will recognize that you are on top of current industry trends, skills and technologies.

Increased income, career growth, personal and professional development, career transition and marketability - those are the top five reasons people decide to continue their education. But there are also many other benefits.

Students report that their new knowledge and abilities give them more confidence, greater job satisfaction, enhanced self-image and a better lifestyle. Along with your studies, you'll improve your critical thinking, time management, memory and problem-solving skills.

Best of all, you can enjoy convenient online courses taught by industry experts, who share their vast knowledge and impart real-world skills that will help you achieve your goals, while maintaining a healthy work/life balance.

For more information, be sure to check out the full listing of McMaster University Continuing Education online programs. Enjoy quick and easy online registration!

1. Statistics Canada

Learn more:

Pursue your CHRP/CHRL along with an HR Diploma
Critical tools for success
Grow your career in business and management
Career, Professional Development, What's New

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Top 5 reasons why continuing education is so important to you and your career - McMaster Continuing Education

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Learn the top 5 reasons why it's important to upgrade yourself by investing in your education for you and your career!

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The above website indicates how to make your hobby into an income. It mentions about the possible profit you'll make, online presence, freelancer opportunities, creating a product/service etc. These are all things you should be looking into if you want to be a small business owner to ensure you are successful financially.

I chose this website because many people like myself always have thought about turning what they like to do into income. But where do we start? This article is something that would help you to ensure that you're on the correct pathway. A piece of information that I found useful was the points that was covered to identify the profit you'll be making. If there's an demand for it etc.

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If you're passionate about your hobbies, why not turn that passion into profit? With the rise of the gig economy and online marketplaces, it's easier than ever to monetize your hobbies and make extra money on the side. Here are some tips on how to make money with your hobbies and turn your passion into profit.

1. Identify Your Hobby's Profit Potential

The first step to making money with your hobby is to figure out how it can generate income. Research what others are doing in your niche and see if there are opportunities to sell products, services, or information related to your hobby. For example, if you're a talented photographer, you can sell your prints or offer photography services for events or businesses.

2. Build Your Online Presence

Once you've identified your hobby's potential, build an online presence to showcase your skills and reach a wider audience. Create a website, blog, or social media account that highlights your work and services. Use these platforms to promote your work, share updates and connect with potential customers.

3. Create a Product or Service

If you're looking to sell products or services related to your hobby, consider creating a unique and marketable item. This could be anything from handmade crafts, digital products, or physical products that you can sell online or at local markets. If you're offering a service, such as photography or music lessons, make sure to price it competitively and advertise it on your online platforms.

4. Sell on Online Marketplaces

Take advantage of online marketplaces like Etsy, eBay, or Amazon to sell your products. These platforms offer a large customer base and easy-to-use interfaces that make selling products simple and efficient. Use these platforms to sell your products, manage your inventory, and promote your work.

5. Monetize Your Content

If you're creating content related to your hobby, like blog posts, videos, or tutorials, consider monetizing it with advertising or sponsorships. Partner with companies that align with your brand and offer relevant products or services. You can also use affiliate marketing to earn commission from sales made through your unique referral link.

6. Offer Freelance Services

If you have a specific skill or talent related to your hobby, offer your services as a freelancer. Freelance platforms like Fiverr or Upwork connect freelancers with clients looking for their services. Use these platforms to find gigs, set your rates, and build your reputation as a freelancer.

Identify Your Hobby's Profit Potential

Identifying your hobby's profit potential is the first step in turning your passion into profit. Here are some ways to assess your hobby's profit potential:

1. Research the Market: Look at what other people are doing in your niche or industry. Are there existing businesses or individuals selling products or services related to your hobby? If so, what are they charging and what unique value can you offer?

2. Evaluate Your Skills: Take an honest look at your skills and abilities related to your hobby. What sets you apart from others? Are you particularly skilled at a specific aspect of your hobby that others may need help with?

3. Assess Demand: Is there a demand for the products or services you're considering offering? Research online and offline communities to gauge interest in your hobby and its related products or services.

4. Consider Your Target Audience: Who is your ideal customer? Understanding your target audience's needs, preferences, and purchasing behaviors can help you tailor your offerings and marketing strategy.

5. Identify Profitable Niches: Consider niches within your hobby that have high profit potential. For example, if you're into crafting, you could focus on a particular type of craft that is popular and in demand.

6. Explore New Markets: Consider expanding your target audience beyond your local area or existing online network. Look for opportunities to sell your products or services at events, trade shows, or through partnerships with other businesses.

By taking the time to research and evaluate your hobby's profit potential, you can identify new opportunities to monetize your passion and turn it into a profitable venture.

Build Your Online Presence

Building an online presence is an important step in turning your hobby into a profitable business. Here are some tips for building your online presence:

1. Create a Website: Create a website that showcases your work and services. Your website should be visually appealing and easy to navigate. Use high-quality images and clear, concise language to describe your offerings.

2. Start a Blog: If you're passionate about your hobby, consider starting a blog. Use your blog to share your knowledge and experiences, and build a community of like-minded individuals. Use your blog to promote your services or products and to attract new customers.

3. Use Social Media: Social media platforms like Facebook, Instagram, and Twitter are great tools for building your online presence. Choose the platforms that are most relevant to your audience and share your work regularly. Use social media to interact with your followers, answer questions, and provide customer service.

4. Leverage Email Marketing: Email marketing is an effective way to reach potential customers and keep existing ones engaged. Use email marketing to promote new products or services, share updates, and offer special promotions or discounts.

5. Optimize Your Online Listings: If you plan on selling your products or services online, optimize your online listings to make them more visible to potential customers. Use relevant keywords and product descriptions, and include high-quality images.

6. Network with Other Professionals: Building relationships with other professionals in your industry can help you gain exposure and attract new customers. Attend industry events, join online communities, and participate in online forums and discussions.

By building a strong online presence, you can attract new customers, establish yourself as an expert in your field, and grow your business. Remember to regularly update your website, social media profiles, and other online listings to keep your online presence fresh and engaging.

Create a Product or Service

Creating a product or service is a key step in turning your hobby into a profitable business. Here are some tips for creating a product or service that will appeal to your target audience:

By creating a product or service that meets the needs of your target audience, you can establish yourself as a valuable and trusted provider in your industry. Remember to regularly evaluate and refine your offering based on customer feedback and changes in the market.

Sell on Online Marketplaces

Selling on online marketplaces is a great way to reach a wider audience and increase your sales. Here are some tips for selling on online marketplaces:

By selling on online marketplaces, you can reach a wider audience and increase your sales. Remember to regularly optimize your listings, offer excellent customer service, and evaluate and refine your approach.

Monetize Your Content

If you have a hobby that involves creating content, such as writing, photography, or videography, you can monetize your content by following these tips:

By monetizing your content, you can earn revenue from your hobby and turn it into a profitable business. Remember to regularly create high-quality content, engage with your audience, and evaluate and refine your approach to maximize your earnings.

Offer Freelance Services

If you have a hobby that involves a skill that others may need, you can offer freelance services to earn money. Here are some tips for offering freelance services:

By offering freelance services, you can earn money doing what you love and build a business around your hobby. Remember to continuously improve your skills, network and market yourself effectively, and provide excellent customer service to maximize your earnings and build a positive reputation.

Conclusion

Turning your hobby into a profitable venture requires dedication, effort, and a willingness to learn and adapt. Whether you choose to build an online presence, create a product or service, sell on online marketplaces, monetize your content, or offer freelance services, it's important to identify the potential for profit, build a strong brand, and provide excellent customer service. By following these tips and continually evaluating and refining your approach, you can turn your passion into profit and build a successful business around your hobby. Remember, with persistence and hard work, anything is possible.
Thank you for taking the time to read my article "How To Make Money With Your Hobbies: Turning Your Passion Into Profit", hope it helps!
Source: How To Make Money With Your Hobbies: Turning Your Passion Into Profit

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How To Make Money With Your Hobbies: Turning Your Passion Into Profit

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If you're passionate about your hobbies, why not turn that passion into profit? With the rise of the gig economy and online marketplaces, it's easier than ever to monetize your hobbies and make extra money on the side.

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Having a second job may be the best option for you to be make more money in Toronto. The article above gives you 15 different ways to have a second job. It can vary from doing Uber eats or something different as dog sitting. It's really depending on your availability and what you're most comfortable with. This can help you pay off bills etc which can lead to you saving money for long-term goals.

I chose this because many people at my workplace, Costco Wholesale, use Instacart as their second job. An important information that was valuable for me is the part where they give us information about Instacart. You can make up to $14-20 hourly which is a good starting point when you first start.

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Who needs a side hustle in Toronto? You, probably. The insanely high cost of living can make it tough to get ahead. Whether you are living paycheque-to-paycheque or investing every month, earning a bit of extra money can make a big difference: it can either ease the burden of your bills or go towards your investment accounts, setting you up for greater success later on.

If your budget (or grocery bill) has been filling you with a sense of dread lately, it may be time to explore the best side hustles in Toronto. However, this does not necessarily mean that you have to sign up for a second job. Toronto is full of unique side hustle opportunities that allow you to earn extra money without committing to a strict work schedule. Simply pick a hustle or two that sound interesting, then try them out in your spare time! Plus, none of the side hustles on this list require an upfront investment so they will not cause undue strain on your budget.

Answer surveys/participate in market research

Surveys: typically pays $0.50 - $5.00 per survey
In-Depth Studies: typically pays $20-$100 per study, sometimes more

Working in the Toronto area is known for its long commutes. Not to mention, not many people can afford to live close to where they work or study. If you can relate, you probably have some extra time on your hands while on the subway, GoTrain, or bus. You can use that downtime taking paid surveys and participating in market research - another great side hustle in Toronto.

Plus, since Toronto is such a big city, companies such as Branded Survey, Léger, Opinion Inn and Survey Junkie are frequently running studies. If you would like to participate, all you have to do is register with the company. You will then be notified when an upcoming study matches your profile. Although in-person focus groups are not as convenient as their remote counterparts, they can be better paid.

For example, there are lots of companies that would like to hear your opinions before launching (or modifying) their products. If you would like to make some extra cash online, there are plenty of legitimate sites that will allow you to earn some money while answering surveys. This route is relatively flexible since you can fill out surveys from the comfort of your own home, or anywhere else for that matter.

Dog Walking and/or Pet Sitting

Canadians love their pets and people in Toronto are no different, but they're also super busy and short on time. Couple that with the boom in pet adoptions during the pandemic and now return-to-office mandates, many Toronto professionals are scrambling to find quality care for their furbabies. Services like Rover make it easier to connect with pet owners, making this another great side hustle in Toronto.

If you would like to only dedicate a few hours per week to your new side hustle, you may find it lucrative to start a dog-walking business. You can either take out advertisements the old-fashioned way or join a website like Rover that connects dog-walkers with pet owners. If you have a bit more time on your hands (or work remotely), Rover also allows you to offer pet daycare, boarding, and house-sitting services.

Average income after expenses: can range from $15-$25 an hour

Not many Toronto residents own a car, but if you do and you live in the GTA, you could be sitting on an untapped income stream. Toronto's public transit can be unreliable even on its best day. Between unexpected closures and safety concerns, public transit is becoming an increasingly unappealing method of transportation.

That means companies like Uber, Lyft, DoorDash, Uber Eats, and Skip The Dishes are always in demand in big cities, making this an excellent side hustle in Toronto. If you have a car and some free time, you can sign up with these platforms.

You get to make your own hours and can take pride in the fact that you are helping to move people around the city and access their needs safely. Uber Eats, Doordash, and SkipTheDishes even allow Torontonians to deliver food via bicycle. Delivering food on a bike can be a great way to get paid to stay fit. Plus, food delivery workers can set their own hours and accept or decline contracts as they see fit.

Instacart shopper

Average hourly wage: can typically earn $14-$20 per hour

Regardless of whether or not you own a car, working for grocery delivery service Instacart can be a straightforward way to earn extra money. There are two types of Instacart contractors: full-service workers purchase requested items from a grocery store and then deliver them to a customer, while in-store shoppers simply gather ordered items and bring them to a predetermined spot in the grocery store for customer pickup. Unfortunately, full-service workers must have access to a car. However, anyone can sign up to be an in-store shopper.

Instacart Shoppers are payroll employees who earn a base hourly rate. Sometimes, the company offers bonuses or incentives for working during peak times or based on performance metrics. While in-store shoppers may not receive tips as frequently as full-service shoppers (those who deliver with their car), you might occasionally get tipped, especially if you're involved in curbside pickups. The potential to earn more than your base wage makes Instacart a great side hustle in Toronto.

Help your neighbours with their yard work

Lawn & Garden Maintenance: on average, you can charge between $25-$50 per hour or a set rate per job, such as for mowing a standard lawn.

Whether you are considering raking leaves or shovelling snow, there is a reason that yard work is a classic side hustle: it pays a decent amount of money and is simple to start. You do not need to own your own equipment, either. Better Living's Home Maintenance program can connect you with older adults who own maintenance equipment but are no longer able to complete the work on their own. Plus, the program is incredibly flexible. Jobs can be picked up as needed and are paid in cash by the client.

Providing home maintenance services through platforms like mybetterliving.ca can be a profitable income stream. This makes it a great side hustle in Toronto thanks to the city's dense housing and the continuous need for home maintenance.

Complete odd jobs for people

General Handyman Services: on average, you can charge between $25-$70 per hour.
Moving Assistance: on average, you can charge between $20-$50 per hour.
Cleaning Services: on average, you can charge between $20-$40 per hour.
Furniture Assembly: on average, you can charge between $20-$60 per hour.
Specialized Services (like plumbing or electrical work): on average, you can charge between$50-$100+ per hour.

If you are not a fan of yard work but like the idea of taking on odd jobs, why not join a service marketplace? TaskRabbit and Handy both allow you to sign up for miscellaneous household tasks, including furniture assembly, window cleaning, minor plumbing repairs, and more. This can be an especially worthwhile option for anyone with occasional full-day availability.

These platforms offer flexible earning opportunities, making handyman services and odd jobs an excellent side hustle in Toronto. Keep in mind your actual earnings will depend on the type of tasks, your reputation, and the specific demands of the clients on the platform.

Work as a film & television extra

Average pay for union workers: $30/hr
Average pay for non-union workers: $15/hr

Toronto is home to one of the largest and most prestigious annual film festivals for a reason. Lots of movies and television shows are shot here - and need people to play background characters. Fortunately, you do not need any acting experience to work as an extra! This makes acting as a film and TV extra a great side hustle in Toronto.

You will generally have to commit to long hours in order to be an extra, but that does not necessarily mean that you will be working the whole time. Even though you may have to be on set the whole day, you will generally spend most of your time waiting for your scene. Luckily, you can use your spare time however you see fit (as long as you are quiet and ready to film at a moment's notice). Plus, if you land the role through a reputable agency, you will still be paid for the entire day.

Most big productions hire extras through professional agencies like Toronto Talent Agency or Toronto Film Extras. However, these organizations charge annual membership fees. If you would like to work as an extra but do not want to register with an agency (and pay their fees), your best bet is to keep an eye on FaceBook groups like Toronto Film Network where calls for cast or crew members are occasionally posted.

Work as a tutor

Toronto and the GTA are home to some of the best Universities in the country - and the competition is fierce. If you are book-smart, tutoring students at all grade levels is an excellent side hustle in Toronto. Generally speaking, in-person tutoring pays slightly better than remote tutoring, but you can only work during times when Toronto kids are not in school.

If you would prefer to work earlier in the day (or from the comforts of your couch), you may wish to look into virtual tutoring. Sites like Skooli and TutorMe connect you with students from all around the world, allowing you to take advantage of time zone differences to work whenever is most convenient for you.

Beyond school-aged kids, there is also ample opportunity to tutor adults too. Toronto is one of the most popular places for immigrants to settle. With such a dense and diverse population, there's always demand for tutoring in subjects like English, French, mathematics, science, or even specialized topics like computer coding. For these reasons, tutoring is one of the best side hustles in Toronto.

Participate in university studies

The Greater Toronto Area is home to over 25 universities and colleges. For that reason, participating in university research studies is an excellent side hustle in Toronto. For example, the University of Toronto is a research institution that frequently runs a wide range of studies. Participants generally have to meet certain criteria (e.g. being in reasonable health, smoking regularly, etc.). However, there are usually enough studies running at any given time that most people will qualify for at least one.

Since studies are organized by the academic department, there is no central directory that lists all current calls for study participants. However, the kinesiology department almost always has a long list of current studies that you can look through (just be sure to only apply for paid studies). Similarly, if you are between the ages of 55-80, you can join the psychology department's Adult Volunteer Pool to be notified when you qualify for new psychology studies.

Consider joining student or community groups. Many times, research studies are advertised through student or community groups, especially on platforms like Facebook.

Run a home-based daycare

With the high cost of living, it's almost impossible to raise a family without two incomes. That means safe, affordable, and accessible childcare is always in demand. Starting a home-based daycare is an excellent side hustle in Toronto thanks to the city's dense population and consistent demand for quality child care services. With many working parents seeking reliable and nearby options for their children, there's a potential for good earnings, especially when considering the high costs of commercial daycare centers in the city.

Luckily, there are several sites and platforms that connect childcare providers with parents looking for childcare. Care.com is the most extensive platform for connecting caregivers with families in need. Specific to Canada, DaycareBear helps parents find available daycare openings in their area, and providers can list their services.

To get started, familiarize yourself with the Child Care and Early Years Act (CCEYA) to understand the regulations and capacities for both licensed and unlicensed daycares. Child-proof your home, gather essential equipment and toys, and get First Aid/CPR training. You will also need to pass a criminal record check and child abuse registry check.

Start a communal bottle return service

Average return: $0.10-$0.20 per bottle/can

If you have ever looked at your bill after buying a bottle of wine, you may have noticed that alcoholic purchases in Ontario are subject to a $0.10-0.20 deposit per bottle or can. If the containers are returned to a Beer Store location, you get the value of the deposit back. However, when you finish a beer, it can be incredibly tempting (and far more convenient) to just toss the bottle into your recycling bin.

If you do not already do so, returning your empty cans can be an incredibly easy way to recoup some money. If your neighbours also tend to throw their bottles in the recycling, you may be able to earn even more cash by setting up a communal bottle return service. This side hustle will not make you rich overnight, but it can be a good way to earn a little bit of extra money.

For example, if you live in an apartment or dense neighbourhood and collect 100 bottles a day, assuming an average deposit value of $0.10 each, you would earn $10 a day. Over a month (30 days) you would earn $300.

Join an event staffing agency

Bartenders & Servers: can earn an average of $20-$40 per hour
Event Planners: can earn an average of $25-$100 per hour

Looking for a side hustle to occasionally fill your evenings and weekends? If you have hospitality experience, you may wish to join an event staffing agency such as Bartendo or DGS. Generally, the agency will notify its talent roster of upcoming events that require support. Once you are on the list, you can accept or turn down work based on your availability. Thanks to its plethora of corporate events, weddings, parties, festivals, and other occasions, becoming an event planner or staff member is a great side hustle in Toronto.

Test apps & websites

UserTesing: on average, you can earn $10 for every 20-minute test you complete.
uTest: variable payment structure that typically pays per bug found. Earnings can range from a few dollars for a simple test to a few hundred dollars for larger projects or when you find multiple significant issues.

The Toronto-Waterloo Corridor is internationally known as the Silicon Valley of Canada. This region boasts more than 15,000 tech companies and start-ups. For this reason, app and website testing is an excellent side hustle in Toronto, especially if you don't want to leave the house.

Rates vary, but testing can be relatively lucrative. However, it is important to always keep digital safety in mind. Be sure to only source jobs from reputable platforms such as UserTesting or uTest. Likewise, be wary of sites that offer payments which sound too good to be true.

Rent out your car

If your car spends most of its time sitting around in your garage, it may be better off earning you some cash. Platforms like Turo allow you to list eligible cars for short-term rentals (similar to how Airbnb operates). Turo even allows you to name your own price when listing a vehicle.

That being said, there is a catch. If you would like to list your car on Turo (or a similar platform), you will have to notify your insurance provider. Generally speaking, your personal insurance will not apply while the car is rented. Turo offers its own insurance plans (which are collected as a percentage of the bill once your car is rented), but you may have to do some homework to figure out what degree of coverage you need.

Give tours of the city

New or less experienced guides: can typically charge between $15-$30 per hour.
More experienced/specialized guides: can typically charge anywhere from $30-$100+ per hour.

Whether you were born and raised in Toronto or moved to the city relatively recently, chances are that you have a few favourite spots. After all, despite its flaws, Toronto has something for practically everyone. If you would like to make some extra money while showing the city off, why not organize your own tour?

Although launching an entire tour company is out of the question for most Torontonians, platforms like Showaround connect you with tourists who are eager to learn more about the city. When setting up your Showaround profile, you are encouraged to elaborate on your interests (e.g. live music, art galleries, etc.) As a result, there is a good chance that people who book a tour with you will share those same interests - and all you will have to do is take them to your favourite related spots!

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These great side hustles in Toronto can help you cope with the cost of living, get ahead, and maybe even turn into a fulfilling career.

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Have you ever wanted to increase your income but you have no time? Well this article is for you! The above article covers pros of renting out a space in your home. Factors such as flexibility, shared expenses can help you with renting a space out in your home.

I chose this website because this is something that I want to do in the future. I always wanted to own a property and eventually I want to rent out my room/basement to a trustworthy person. One useful information that I learned is potential tax benefits. They can claim expenses related to renting the space out. I can use this information in the future.

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For homeowners who find themselves with extra space, renting out a room in your house is a fantastic way to add an additional income stream and help pay off your mortgage. Becoming a landlord is a fairly straightforward endeavour, however, there are some crucial aspects to consider if this is your first time renting out property. The most important part of renting successfully is finding the right tenants to fill your room, as this helps prevent disagreements and ensures you always receive rent on time. This guide from liv.rent will walk you through renting out a room in your house for the first time, including how to identify reliable renters and avoid some of the most common pitfalls of renting online.

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Can you rent a room in your house in Canada?

So long as your local legislation permits it and the space you're planning on renting meets a few basic prerequisites, renting out a room in your house is not only legal but is fairly easy to do with the right knowledge and tools.

First, though, it's important to double-check that your local zoning regulations allow for renting, as well as consult any specific regulations from your Homeowner's Association or strata, if applicable.

The exact rules for renting out a room in your house vary by province, but Canadian landlords will all follow a similar process to ensure the space is legal. Before you go ahead and list your unit for rent, you'll need to do the following:

1. Check the zoning requirements and building codes in your area to ensure the room is legal

2. Obtain a business license and/or rental permit from your local municipality

3. Make sure your basement suite meets the safety and fire regulations set out by the province

4. Ensure that your rental agreement is in line with your province's equivalent of the Residential Tenancy Act.

Pros and cons of renting out a room in your house

As with any major decision, renting a room in your primary residence comes with its fair share of positives and negatives. Whether the potential rewards outweigh the risks is up to each individual landlord to decide, but here's a basic breakdown of the things you'll need to take into account.

Pros of renting out a room in your house

Rental income - The main appeal of renting part of your house is the added income it brings in. For landlords who could use a little extra help covering mortgage payments and expenses in the current market, having a steady stream of rental income without needing to purchase an additional property is a huge benefit.

Shared expenses - Costly bill payments like internet and electricity can be split with tenants, helping to bring down your overall expenses and boost your profitability.

Creating housing - Rental housing is constantly in high demand in Canada's major cities, and renting out a room helps add much-needed options to a thin market.

Flexibility - Compared to purchasing and renting a dedicated rental property, renting out a room in your house is a convenient and cost-effective way to become a landlord.

Potential tax benefits - Landlords can offset their taxable rental income by claiming expenses related to renting, further boosting the profitability of their new rental unit.

Cons of renting out a room in your house

Loss of privacy - Renting out a room isn't for everyone, and some landlords may find it difficult to live in close quarters with someone they don't necessarily know all that well.

Risk of non-payment/damage - The wrong renters can cause serious headaches for homeowners, including damaging the property, not paying rent, and disturbing you and your neighbours. Thankfully, it's easier than ever to find reliable tenants through advanced tenant screening solutions like the Trust Score.

Legal liability - Landlords must ensure that their rental property and lease agreements comply with local & provincial legislation at all times, and are responsible for the cleanliness and safety of the room.

Added responsibility - While there won't be too many extra responsibilities to worry about, landlords will need to ensure they stay on top of maintenance and repairs to keep the room in tip-top shape for their tenants.

What do you need to rent out a room?

There's more to renting out a room in your house than posting a listing and signing a contract. By renting out part of your room you're officially becoming a landlord and will need to take a few key steps to ensure that you're compliant with your province's rental laws. Once again, the exact guidelines vary by province and municipality, so always consult your local regulations for exact requirements.

Here's a quick breakdown of what homeowners should consider before renting out their rooms:

Safety - Each province and municipality will have specific guidelines for safety standards of rental units. Generally speaking, your room will need to have windows, properly installed plumbing fixtures, and other things like a clear fire exit to ensure tenants' safety.

Business license - Homeowners renting out rooms in their house will first need to obtain a short- or long-term rental business license. These can typically be obtained from your local business license office for a fee once you've met the above safety considerations and filled out the necessary paperwork.

Local tenancy laws - Each province has its own guidelines for residential tenancies. As a landlord, your duty is to ensure that you're following these laws and upholding your responsibilities.

Lease agreement & Addendums - Lease agreements are the formal contracts governing tenancies in Canada. Most provinces like B.C., Ontario, and Alberta have a standardized form available for download, but you can also create your own lease so long as it complies with your local tenancy laws. Adding lease addendums for things like parking, laundry, and utilities is another great way to bulletproof your lease and ensure that you're protected from any possible disputes during the tenancy.

Rental management software - In today's world, most landlords rely on digital tools to help run their rental business. These sophisticated programs can cover everything from listing to tenant screening and creating & signing leases, making your job far more manageable. One such platform is liv.rent - an all-in-one rental management solution with digital tools for Canadian landlords. With built-in comprehensive tenant screening through the Trust Score and a community of verified renters, this complete program helps take the guesswork out of renting.

Tips for renting out part of your home

Being well-prepared and educating yourself on your rights and responsibilities as a landlord is key to ensuring that everything goes as planned. Below are some of our top tips for first-time landlords to enjoy a stress-free tenancy and maximize their profits.

1. Know how much to charge for rent - Pricing your unit correctly is key to renting it out as quickly as possible while ensuring you're earning enough profit. Researching the latest rent prices in your area for comparison is a great place to start, or for a more personalized evaluation, you can book a free 15-minute listing assessment with one of our liv.rent Rental Experts. We'll look closely at your listing's details to help you maximize your reach - including a complimentary rent estimate so you can be confident with your price.

2. Be thorough with your tenant screening - Doing your due diligence during the tenant screening process helps to eliminate the risk of damage and missed rent payments caused by troublesome tenants. Credit checks are a great tool for landlords to evaluate a renter's financial capabilities, but often don't give a complete picture of their suitability. Instead, try using an all-in-one tenant screening metric like liv.rent's Trust Score. This complete tenant screening tool factors in tenants' income & employment verification, income-to-rent ratio and public court records to provide a more accurate report of their quality as a renter. It's also a good idea to have a detailed list of questions ready to ask any applicants.

1. Study up on tenancy laws - Each province has its own guidelines protecting tenants during the rental process. Be sure to consult your province's residential tenancy act to familiarize yourself with what is and is not permitted. To help first-time landlords make sense of Canada's different rental laws, liv.rent has compiled a handy Landlord Resource section of our blog.

2. Share your listing to reach more renters - Marketing is key to filling your unit as efficiently as possible. One way landlords can expand their reach is to use a platform that allows for easy listing sharing. On liv.rent, landlords can quickly share their listing to Craigslist, Facebook Marketplace and Kijiji with just a few clicks. You can read more on liv.rent's marketing features here.

3. Use a checklist - There's a lot that can be missed throughout the rental process, particularly if it's your first time renting out property. To help make sure you don't miss any important steps and are protecting yourself as you're renting, it's a good idea to have a checklist on hand for things like preparing and inspecting the rental property, advertising your listing, and screening tenants.

Renting your room on liv.rent

There are plenty of advantages to listing your room for rent on liv.rent. Designed specifically for modern landlords in Canada, this all-in-one platform has digital tools for every step of the rental process. In addition to the Trust Score, landlords can post unlimited listings for free as well as access time-saving features like built-in sharing and digital contracts & rent payments. For first-time landlords in particular, things like a centralized inbox for tenant communications and income statements can help you stay organized while maximizing your profits.

Landlords on liv.rent also benefit from our multi-layered verification processes for renters. As part of our commitment to building a safe & trusted rental community, we request renters upload documents to verify both their identity and income, as well as optional social media verification for an extra layer of security. When renters apply to your listing, you'll be able to see their verification status with a handy checkmark to let you know that it's safe to proceed.

Ready to get started? Here's a quick video on how to post your room for rent on liv.rent:

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Landlord Guide: Renting out a room in your house | liv.rent blog

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Renting out a room in your house is an excellent way to utilize extra space while adding another income stream. Here's how you can do it.

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The above video is an overview of REITs in Canada. He goes over REITs, passive income, taxes relating to that etc. These are all things that can help increase your income. You can invest into properties such as; retail, industrial, offices, and residential. It doesn't have to be homes!

I chose this video over others because this video is very informative and doesn't confuse the viewer. Something that I found useful in this video is the difference between investing in real estate and becoming a home owner. In reality, it's very hard to own a home because of the many checkpoints you have to meet but with REITs you can have $20 and invest in a property to be part owner. This would help you out in the future and would increase your money in a positive way.

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REITs Explained for CANADIANS | Real Estate Investing for BEGINNERS | Passive Income Investing

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TFSA is tax free savings account. It's an account you can have with your banking to get interest back on your savings. The video talks about what it is, the benefits, the requirements to opening it, how you can withdraw from it etc. These are all things that can increase your finance.

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TFSA, Explained - Everything You Need To Know About The Tax Free Savings Account For Beginners

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The video posted above talks about the perks of starting a cleaning business. Cleaning business is something that would always be in demand because people would like to come to a clean home after a busy day. Therefore, you'll always be financially stable. Many people have busy lives and this can be something that can be helpful. This can also be a cash business.

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HOW TO START A CLEANING BUSINESS  in Canada My 5  TOP Tips

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Tutoring is something that can be useful for all ages. Many kids growing up may need a tutor to further understand the topics that are being taught at school. If you're someone that possess skills of a teacher; smart, patient, kind etc., you're a perfect candidate! This can be a extra flow of cash coming into your income.

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How to start your own tutoring company in 2024 (online + at home)

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2. Provide a real-life example of how this topic is relevant or interesting for you.

A real life example that is relevant to making money is renting out a room. Ever since my family moved into a house in 2014, we have been renting out our basement. This helps my parents significantly because we're a middle class family. We can make ends meet monthly, but that extra cash that's flowing monthly for us helps us accomplish tasks in other areas of our lives. For example, our mortgage is almost paid off. Which is one less thing we don't have to worry about.

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3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

Something that I would pass onto a family member of mine after I did this assignment is tutoring. I believe that my sister is someone that is smart, patient, kindly towards everyone. She can start a tutoring business in our home. We live in a children friendly neighbourhood that can help us find a group of students that would want tutoring for subjects. She would be a great candidate. The video I uploaded on the padlet would be a great start to become financially stable.