Christopher Liew: The harsh truth about side hustles in Canada
In days past, side hustles were often just a way to make passive income on the side to help save extra money. Now, for many, side hustling is a way of life that allows people to earn the extra money they need to pay their rent and bills, save up to start a business, or contribute to their retirement.
Side hustles offer flexibility, independence, and a chance to earn extra income in an era of rising living costs.
Whether you're interested in rideshare driving and food delivery or freelancing and online businesses, taking on so-called 'gig work' is becoming the norm, especially for those living in a larger, more expensive urban environment.
The harsher realities of side hustles
For many, juggling a full-time job and a side hustle (or multiple gigs) leaves little time for rest, relationships, or financial stability. What often starts as a way to stay afloat, get ahead, or pursue a passion can quickly become unsustainable.
While having an extra side job or side business can definitely help you elevate your lifestyle and catch up with bills, there are some all-too-realistic realities that you should consider beforehand.
1. You'll pay both the employee and employer portions of the Canada Pension Plan (CPP) contributions
One significant financial difference for self-employed individuals compared to regular employees involves CPP contributions. While employees and employers each pay a share (5.95 per cent each in 2025), the Canada Revenue Agency (CRA) requires self-employed individuals to cover both portions, for a total of 11.90 per cent.
This mandatory double CPP contribution is separate from and in addition to the regular federal and provincial income taxes you'll owe on your net business profit.
2. Work is often seasonal
Depending on what type of gig work you do or what your industry is, your income can become heavily reliant on the seasons and holidays.
For example, as a rideshare driver, you'll generally be the busiest on weekends (in larger cities), around holidays, or early in the morning if you live close to an airport. This can limit the amount you can earn during certain times of the year.
3. You're on the hook for everything
One of the hidden perks of traditional employment is having someone else to absorb the fallout when things go wrong. In the gig economy, you are the boss, the worker, and the customer service. So when a job runs late, a client is unhappy, or a refund is demanded, it's all on you. That constant pressure can wear people down.
4. The time trade-off is real
A common misconception is that gig work is 'flexible.' And while it's true that you can choose when you work, that doesn't mean you work less. Many side hustlers end up trading their evenings, weekends, and personal time just to make ends meet.
Is having a side hustle worth it?
In my opinion, the key to side hustling and being happy is to have an end goal. If you're working the extra hours to build a small business or save extra money with a side hustle, it should be something that helps you build towards a larger goal of yours.
With that in mind, you'll be able to push through the hard times, stay focused when things aren't going your way, and balance your budget effectively.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Vancouver Sun
41 minutes ago
- Vancouver Sun
Aritzia Warehouse Sale 2025: Everything you need to know
It's official, Vancouver's most-anticipated sale of the year returns Aug. 26 to Sept. 1. The Aritzia Warehouse Sale will run over a seven-day period (eight, if you count the Friends & Family day on Aug. 25) at the Vancouver Convention Centre West (1055 Canada Place, Vancouver). As in years past, this summer's warehouse sale event sees clothing such as winter coats, dresses, denim and more — along with accessories — marked 50 to 90 per cent off the retail price. The Vancouver-headquartered company announced a hiring spree for the annual warehouse sale earlier this summer, with the employment opportunity reportedly prompting long lineups of hopefuls. But those lineups likely won't compare to the warehouse sale day waits. Discover the best of B.C.'s recipes, restaurants and wine. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of West Coast Table will soon be in your inbox. Please try again Interested in more newsletters? Browse here. The Aritzia Warehouse Sale is well-known for its deals on clothing and accessories — and the massive crowds that it draws to the convention centre area during the sale dates. Here's what to know about the 2025 Aritizia Warehouse Sale: This year's sale starts Tuesday, Aug. 26 through Monday, Sept. 1. Though technically, there's an invite-only Friends and Family day kicking off the sale on Aug. 25. The sale's opening hours are: Tuesday, Aug. 26 (7 a.m. to 9 p.m.) Wednesday, Aug. 27 (7 a.m. to 9 p.m.) Thursday, Aug. 28 (7 a.m. to 9 p.m.) Friday, Aug. 29 (7 a.m. to 9 p.m.) Saturday, Aug. 30 (7 a.m. to 9 p.m.) Sunday, Aug. 31 (9 a.m. to 7 p.m.) Monday, Sept. 1 (9 a.m. to 7 p.m.) The sale is huge — as are the lineups. So, be prepared to wait to get in. In previous years, some shoppers have even camped out in order to be first in line on the first sale day. Not keen to camp out near Canada Place? No worries. The retailer says new styles will be 'arriving daily' throughout the course of the seven-day sale, which means you can find good deals later in the sale run, too. Don't bring a big bag if you don't want to wait in the bag check lineup. Only small bags are allowed inside the sale. All others need to be checked in at the door. The sale also has community change rooms, which means you'll be trying on clothes in front of a lot of people. Our advice? Wear easy on-easy off layers, including underwear that you feel comfortable stripping down to. For payment, the Aritzia Warehouse Sale accepts cash, debit, credit cards and Apple Pay. Aritzia gift cards will not be accepted. You may have heard from friends of friends that the best selection for the sale is found during the Friends and Family day, before the sale opens to the public. That's not necessarily true, as there's new stock being brought in each day of the sale. But it's certainly nice to get an early go-through of the goods, if you can swing an invite. So how do you get in early? Well, you'll just have to know someone who works for Aritizia and has a coveted Friends and Family sale pass to share with you. If not, you'll have to wait for the public sale, which starts on Tuesday. In a news release shared before the sale, the company teased a few product highlights of this year's Aritzia Warehouse Sale. Some of the bestselling styles that are set to be available during the shopping event — at a deep discount — include the Butter Arc Bra Top Golden (regular price $50, at the Warehouse Sale for $14.99), the Lottie Sweater from Sunday Best (regular price $118, at the Warehouse Sale for $49.99), and Babaton Spectre Dress (regular price $128, at the Warehouse Sale for $39.99). Check back for updates from the first day of the sale!
Globe and Mail
2 hours ago
- Globe and Mail
How CIRO's new guidance for DIY investing compares with proposals from U.K. regulator
The growth of online investing has introduced millions of new investors to markets, but they're not always using the best information when making investment decisions. Regulators in Canada and elsewhere have raised concerns about do-it-yourself (DIY) investors relying on unregulated advice from social media and so-called 'finfluencers,' sometimes resulting in high-risk investments. Part of the issue is how advice is regulated. Online investing platforms are restricted from making recommendations, as self-directed investors haven't undergone suitability assessments. The Canadian Investment Regulatory Organization (CIRO) took a step toward changing that this week. As Kelsey Rolfe reported, CIRO's proposed guidance (which is out for consultation until Nov. 10) narrows the definition of 'recommendation' significantly to communication that 'endorses a specific investment decision for the client.' That means order-execution-only dealers will be allowed to provide 'decision-making supports' to DIY investors. These include tools to help find securities that align with an investor's strategies and goals, and sample portfolios that help with asset allocation (without mentioning specific investment products). The U.K. regulator is looking to go a step further. In June, the Financial Conduct Authority (FCA) released its own proposals that would allow firms to offer free, 'targeted support' to groups of investors with common characteristics. For example, firms are currently allowed to suggest to a consumer that they're in a position to invest; under targeted support, the firm would be allowed to suggest a specific investment product. For those already investing, firms would be able to not only flag risky investments and offer explanatory materials, but suggest an alternative product. Similarly, when an investor holds an expensive fund, firms would be allowed to suggest a product that costs less. As with CIRO, the proposed change revolves around online investing platforms making recommendations. To adopt the proposals, the U.K.'s Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 would need to be amended to create a new specified activity of 'targeted support,' different from existing forms of advice. With investing becoming easier and cheaper, it makes sense for better information to be more available, too. But what does this mean for advisors? CIRO said in its initial consultation that it doesn't want to 'diminish the value' of the full-service advice channel. The FCA makes it clear that the targeted support proposal is a compromise: not as beneficial as more personalized advice, but a worthwhile tradeoff in the absence of support. And research has shown that most DIY investors want advice from a human at some point. Still, the proposed changes raise the bar ever so slightly, putting more pressure on advisors whose practices are built on investment recommendations without offering the personalized financial, tax and estate planning that isn't available cheaply and generically. A perfect storm: The wealth management industry is experiencing an unprecedented wave of consolidation. Combined with aging advisors behind on their succession planning, the result is a perfect storm of capital, urgency and opportunity, writes Joe Millott of Fort Capital Partners. What's in a name? In June, the Investment Industry Association of Canada (IIAC) changed its name to the Canadian Forum for Financial Markets (CFFiM). As Rudy Mezzetta reports, the move follows other rebrands from major industry organizations in the past two years, and the entrance of a new competitor. Sage advice: For money manager Paul Harris, investing is akin to meditation, especially when markets are as volatile as they've been lately. 'When you meditate, you're supposed to let things happen and not react. It's the same kind of philosophy I have with investing, which is to just absorb what's happening, because often it's only short-term,' says Mr. Harris, a partner and portfolio manager at Toronto-based Harris Douglas Asset Management Inc. Here's what he's buying and selling. Fraud risk: In early January, Megan Tong lost around $70,000 after hackers logged into one of her self-directed investment accounts, cashed in all her holdings and briefly bought and sold tens of thousands of dollars worth of two Chinese stocks. But Ms. Tong's discount brokerage, Questrade Financial Group Inc., has declined to reimburse her for most of the loss, saying it didn't result from a breach of its system, writes Erica Alini. Tax risk: Rental property owners should be aware of how the Canada Revenue Agency treats rentals to friends or relatives. As Tim Cestnick explains, a recent court decision highlights some potential red flags. Tariff risk: Canadians have been bracing for price hikes from U.S. tariffs. While some things have gotten more expensive, Mariya Postelnyak reports, not all the price spikes have been as high as anticipated, and some prices have held steady or fallen.
CBC
3 hours ago
- CBC
Kelowna market a home away from home for many migrant farm workers
Signs of a fruitful Okanagan harvest can be seen in the sagging branches of cherry trees, a surge of roadside fruit stands, and in the number of people lined up outside of a small Latin market in Kelowna on hot summer mornings. The CBC's Jacqueline Gelineau visited Sans Latin Market, a small slice of Mexico, where migrant workers go to buy tortillas, send money back home, and find community.
