In today’s fast-paced world, many Canadians are looking for ways to generate passive income, allowing them to earn money without actively working for it day in and day out. Having passive income streams can provide financial security, help achieve financial goals, and even provide a sense of freedom to pursue other interests. If you are keen on finding side hustles that don’t require your everyday attention, then this comprehensive guide is for you.
1. Invest on Autopilot with Wealthsimple
Investing can be a powerful tool for building wealth, but it often comes with hassles and high fees. Enter Wealthsimple, Canada’s most popular Robo-advisor. This platform makes investing effortless and accessible to everyone.
Wealthsimple offers various investment accounts, including RRSP, TFSA, RESP, RRIF, and non-registered accounts. Their sophisticated algorithms ensure your investments are well-diversified and suited to your risk tolerance. Additionally, they have a unique roundup feature that rounds up your everyday purchases to the nearest dollar and invests the spare change automatically.
One of the standout features of Wealthsimple is its high-interest savings account, providing an attractive interest rate to grow your money. Moreover, their brokerage service is 100% free, saving you from pesky commission fees.
As a special incentive, you can receive a $25 cash bonus when you join Wealthsimple, making it a fantastic opportunity to kickstart your passive income journey.
2. Invest with Questrade
If you prefer a more hands-on approach to investing and enjoy managing your money, Questrade is the perfect online discount brokerage platform for you. They offer a user-friendly interface that allows you to buy and sell stocks and ETFs with just one click and at a low cost.
Questrade boasts a wide range of investment options, giving you the freedom to curate a personalized investment portfolio that aligns with your financial objectives. Whether you are a seasoned investor or just starting, Questrade offers valuable resources and educational tools to support your investment journey.
For a limited time, you can even benefit from $50 in free trades when you sign up with Questrade, giving your passive income a head start.
3. Invest with Moka
Moka, also known as the “super app” for investors, takes a unique approach to growing your wealth with minimal effort. This innovative platform automatically rounds up your everyday purchases to the nearest dollar and invests the difference in a low-cost ETF portfolio.
For instance, if you spend $3.25 on a cup of coffee, Moka will round up the purchase to $4 and invest the additional $0.75 in a diversified portfolio tailored to your risk tolerance. This painless way of investing can add up over time, steadily increasing your passive income.
Moka’s platform is designed to make investing easy for everyone, regardless of their experience level. Whether you’re a seasoned investor or a complete newbie, Moka’s intuitive interface and personalized approach make it a great addition to your passive income strategy.
4. Publish an Ebook on Amazon Kindle
For the creative minds out there, self-publishing an Ebook on Amazon Kindle can be an excellent way to generate passive income. Gone are the days when authors needed a traditional publisher to sell their books and make money. With the advent of Kindle Direct Publishing, you can now publish your own book and reach a global audience of eager readers.
The process is simple: write your book, format it according to Kindle guidelines, set your price, and hit publish. Amazon takes care of the rest, including distribution and customer support. Whether you’re a fiction writer, an expert in a particular field, or a storyteller, Kindle Direct Publishing offers an exceptional opportunity to earn passive income from your words.
5. Rent Out Your Spare Room
If you have extra space in your home, turning it into a rentable space through platforms like Airbnb can be an excellent way to earn passive income. Listing your spare room on Airbnb allows you to welcome guests from around the world and earn up to $1,000 per month, depending on your location and amenities.
Airbnb provides host protection insurance, covering up to $1 million in property damage and offering liability coverage against accidents. This ensures you can host with peace of mind. Additionally, as a host, you have complete control over the pricing, availability, and house rules, allowing you to manage the passive income stream according to your preferences.
6. Monetize your Parking Space
If you live in a bustling city where parking is scarce, monetizing your parking space can be a lucrative passive income stream. Rover Parking is a service that connects parking spot owners with drivers seeking a safe place to park their vehicles.
You can list your parking space on Rover Parking and earn money every time someone uses your spot. Whether you’re at work, on vacation, or simply not using your parking space, this is a hassle-free way to generate passive income and make the most out of your underutilized asset.
7. Flip Domain Names
Domain flipping can be a highly profitable side hustle if you have an eye for valuable domain names. The concept is simple: scout for domain names that have the potential to become valuable in the future, purchase them at a reasonable price from platforms like 1&1 Internet or GoDaddy, and then wait for the right moment to sell them at a higher price.
While it might take some time and research to identify valuable domain names, the potential return on investment can be substantial. Some domain names have been sold for millions of dollars, making this side hustle an attractive option for those interested in the online real estate market.
8. Buy and Sell Online Businesses
Similar to domain flipping, buying and selling online businesses can be a profitable venture for those with an entrepreneurial spirit. Websites that generate consistent traffic and revenue can be valuable assets, and you can capitalize on this by buying such websites and later selling them at a higher price.
Platforms like Flippa, Freemarket, and Empire Flippers offer marketplaces for buying and selling online businesses. It’s essential to conduct thorough due diligence before making any purchase, ensuring you invest in a viable and profitable venture.
In conclusion, passive income opportunities in Canada are abundant, and they provide an excellent means to secure your financial future. Whether you choose to invest with Robo-advisors, publish Ebooks, or explore the world of domain flipping, diversifying your income streams can lead to greater financial stability and freedom.
Now that you have a comprehensive understanding of various side hustles for generating passive income, it’s time to take action and start building your wealth. Remember, success in passive income endeavors requires consistency, patience, and a willingness to adapt to changing market conditions. With the right strategy and dedication, you can create a successful passive income portfolio that will stand the test of time.
