Earning passive income in Canada is more of a dream than a reality for many. And whilst some people are just not intentional enough to make it happen, others just need the right prompt and information to earn money legitimately. If you are at a loss for ideas to make money online while not doing much, simply put, passive income ideas then you are in luck. We’re going to do just that, provide timely information on the most lucrative passive income ideas in Canada.
In addition, we’ll provide many relevant tips on how to get started for each one. Read on.
What is Passive income?
Robert Kiyosaki, American Author – “The most important thing is to learn how to make money work for you. Passive income is the key to financial freedom.”
Passive income is a very pronounced terminology in 2024. But not all who say the word completely understand the concept. Think of passive as planting a money tree, giving it all it needs to grow, while you sit back and reap the fruits (earnings) periodically. It is not so different from the concept of ‘side hustles.’ It is that simple: you discover, invest, grow, and generate income without fail.
Leading Passive Income Ideas in Canada to Earn More
As it is expected, different economies endorse different opportunities and enterprises. As such, we’ve searched for and discovered some of the most favorable and practicable passive income sources and ideas in Canada. Let’s have it.
Renting out Real Estate Can Make You Rich
Real estate investment is the first source of income on this topic of how to make passive income in Canada for good reason. It has a well-defined system of investment and returns and is also pretty easy to manage, even for newcomers. It might be expensive to invest in real estate, but it is always a worthwhile dividend-paying venture in the short and long term.
Getting started on real estate in Canada can be pretty simple as well. You can either get going as an owner or as an agent. The latter is more beginner-friendly than the former. In this case, you’ll need to get familiar with the industry and get a license as a certified agent, which may involve training. After this, you’ll only have to establish contact with property owners.
As an agent, you get paid in commission when you refer a buyer or tenant. It can be tricky at the start, but once you establish contacts and make your first few sales or rentals, you’re very much in the game. The best part may be that selling or owning real estate interferes very little with your day job or career.
Fun Fact: Canadian property owners can benefit from various tax deductions. These include mortgage interest, property management fees, etc.
Earn Passive income in Canada from financial investments.
Talk of a passive income opportunity that can be managed remotely and on the go. Investing in financial markets has long been a big deal, helping many generate passive income in Canada. We’ve also picked this option because of its capital-to-dividend reliability. In essence, whether you have CA$ 1,500 or CA$ 200 000 to invest, you can expect returns that are commensurate with your investment.
Here, there are several opportunities to get you started, even if you are a beginner with little to no prior knowledge. Some of these investments are more long-term than short-term if we’re considering maximal gains. A few of them include;
- Dividend Stocks
- Penny stocks (Companies and Cooperations)
- Peer-to-peer lending
- Bonds
- Cryptocurrency (HODLing)
- Commodities (Gold, Agricultural stock, etc)
Again, if you want to take responsibility, you might not even need to get tutored by an expert. The investments we’ve selected are ones you can gather free insights to start your passive income journey whilst learning on the job.
Make Passive Income from Gambling
Even with the extent of gambling exploits in Canada, most Canadians don’t consider gambling as a typical “passive income idea”. That may be because it isn’t typical at all. Gambling is high risk and high reward and should only be indulged from a place of risk management. In essence, you should only gamble what you can afford to lose.
Several gambling opportunities will thrive in Canada in 2024. Prominent amongst these is casino gambling. Now, we’re pitching this option for many reasons. Casino gaming has minimal costs, as most Canadian casinos accept wagers of as low as CA$ 0.25 to CA$ 1. Not to forget you can also have fun while at it, even though it won’t be your primary focus.
It is all ideal. Getting started is also not complex. CasinoCanada serves guides to instant payout casinos in Canada where you can kick off.
Affiliate Marketing and Recurring Commissions
You’re probably familiar with this one as it is very prevalent as an online business in the media space. We’re in a very digital economy where a lot of buying and selling happens online. This reality has made affiliate marketing a very potent income source. It checks all the boxes. Easy to begin and operate, flexible, and profitable.
Pick an industry and establish contact with businesses with a decent referral program. Become a remote marketer and make commissions. To be successful at this, you’d need to reach as many people as you can, which is where social media can come in.
Generate Passive Income Stream Creating and Selling Courses Online
David Bailey, American Photographer – “To get rich, you have to be making money while you’re asleep.”
Selling a digital product is one thing, and selling one you created is another. Either way, both are solid ways to create passive income. Think of it as working as an online tutor or assistant but with a prepared product instead of real-time service. It could be an online course on how to master crypto trading or how to reduce the house edge in blackjack.
Whatever you have expertise in, as long as people are ready to pay money for it, it becomes a route to earning passive income.
Close
Recent statistics released by Equifax Canada revealed that over 47% of Canadians are living paycheck to paycheck. And while reaching for more active income may be an option, creating passive income streams may just be the answer. Nothing could be as refreshing as sitting back to earn a steady passive money
So far, we’ve covered a good number of profitable and easy-to-start passive income ideas that can get you going.
