5 Easy Ways to Make Extra Money in Canada

These easy methods can help Canadians make money in 2024, and keep it growing throughout the years to come.

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When it comes to making extra cash, we could all use it. And today I’m not going to beat around the bush at all. Instead, we’re going to get right into how Canadians can use these five easy ways to make more money in 2024.

Peer-to-peer lending

An increasingly popular method of making more money is by lending money to Canadian businesses. By lending through programs such as Lending Loop, Canadians can use the peer-to-peer platform to invest in small businesses.

What’s more, these are fully regulated, so you don’t have to be concerned about schemes from your co-worker asking you to invest in their small business. And in the meantime, you can help out a Canadian small business in the process.

Short-term rentals

If you’re planning to go on vacation, why not let someone else pay you for the trip? That’s what you can achieve from short-term rentals through companies such as Airbnb. This way you don’t need a long-term tenant, and instead can host tourists.

And don’t think that just because you live in a non-touristy place it isn’t an option. People need short-term rentals for weddings, conferences, visiting loved ones, you name it. So providing another option is a win-win for everyone.

Switch banks

If you’ve been unhappy with your current bank, then switching banks can actually pay. Most banks will pay you a bonus if you choose to bank with them. What’s more, they will usually forego a lot of fees associated with your accounts or credit cards. Do your research. There are many financial institutions beyond the Big Six Banks that will pay you even a couple hundred dollars for switching over.

Data entry

There are many gig workers out there, but an even better option is taking on a role that anyone can do from the comfort of their home. That’s what you can get by taking on a data entry role. The mindless work will allow you to still relax, but while you’re also making money!

Start investing

Of course investing should certainly be one of the ways you’re making easy money for 2024 in Canada. This can be done through a variety of means, but if you’re looking for a more hands-off approach, I’ve got you.

In this case, I would recommend an exchange-traded fund (ETF) such as iShares Diversified Monthly Income ETF (TSX:XTR). This ETF provides investors with a monthly dividend, currently at a yield of 4.5% as of writing.

The ETF is like buying an incredibly diversified portfolio, but with the click of a button. You currently get access to 47% bonds and 53% stocks. And this is through investing in other iShares ETFs. These ETFs focus on growth from emerging markets, as well as high dividends from investing in bonds.

The model not only pays you monthly, but means you’re paying lower fees thanks to this passive investment strategy. So you’ll be making quite a lot of cash, while remaining unworried about the fluctuation of the market. So choose the methods that are right for you, and use the cash to invest in this ETF for even more funds.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool recommends Airbnb. The Motley Fool has a disclosure policy.

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