If you are wondering how to make passive income in Canada, the good news is that it can be done. There are a number of ways to go about it. These include selling digital products, investing in stocks, creating a job board, renting a spare room and more.
Sell digital products
If you’re looking for a low-cost way to earn passive income in Canada, consider selling digital products. These items are sold online and do not require you to invest in inventory, storage, or shipping charges. Whether you’re starting a new business or scaling up an existing one, these types of products can be a great source of passive income.
Digital products can be created using free tools such as Canva or Google Sheets. Then, they can be distributed on your own website or through a third-party marketplace such as Creative Market.
Using tools to create your digital products can make your life easier. For example, you can create a set of templates to help your customers easily build a blog or social media profile.
Build a job board
The purpose of a job board is to help employers and candidates find one another. A good board will have the right balance of content and functionality, as well as a few savvy marketing strategies. Having a job board on your website will also help you promote your employer brand.
A great way to attract attention is by posting the best jobs. You can do this with the help of a good applicant tracking system. These tools make it easier for you to fill out resumes and screen out poor candidates.
To achieve this, it’s a good idea to build a job board that caters to your niche. This will allow you to reach a larger pool of applicants.
Rent a spare room
The idea of renting a room in your house to strangers might sound ludicrous, but it’s actually a great way to bring in a bit of extra cash. And, it’s a smart way to make money without having to work too hard.
One of the simplest ways to get started is by listing your spare room on the popular Airbnb website. A lot of property owners complement their income by renting out their unused rooms. You can also sign up for Carvertise, an online car-sharing service, to have people borrow your car for a night or two.
There are other passive income options as well, like leasing out your basement, garage, or shed. It’s a good idea to make sure you communicate with your prospective clients as well, so that you get paid for your unused rooms.
Invest in stocks
Investing in stocks is a great way to build your wealth. It can also provide you with a steady stream of passive income. But it does require some time and effort. The good news is that it’s not as complicated as you might think.
Buying a dividend stock is one way to generate passive income. Dividends are paid out regularly on the company’s earnings. However, it’s important to remember that a company isn’t guaranteed to pay. Some companies pay out only once or twice a year, while others offer cash payouts every month or quarter.
Investing in a TFSA is another tax-free way to make money. The TFSA allows you to invest in stocks, bonds, or real estate tax free.
Sell stock music
One of the best passive income ideas is to turn your unused garage or basement into a music studio. A little work goes a long way, and you may find that it pays for itself in no time. You’ll probably need a vehicle to enhance the experience, though. There are a variety of ways to do this, from renting out your car to leasing out your home. If you are looking for a plethora of options, check out services like Turo, LeaseX and Carvertise. They are all licensed and bonded.
The best part is that you get to decide what to do with the profits. Many will pay you outright, while others will negotiate a fee and a share in the profits.
Sell your ideas
If you are considering making a passive income in Canada, you are probably not alone. Financial insecurity is on the rise, and rising interest rates are only exacerbating the situation. As a result, it is more important than ever to diversify your finances.
The best way to do this is to find an opportunity that will allow you to work from home. One example is renting out your home. You could also consider an online course. Or, you could go the other route and become a personal shopper.
Another viable passive income option is an invention. There are many to choose from, but a cleverly designed electronic device is a surefire way to generate cash.