{"id":37372,"date":"2019-05-21T07:28:47","date_gmt":"2019-05-21T11:28:47","guid":{"rendered":"https:\/\/canadianbudgetbinder.com\/?p=37372"},"modified":"2025-01-09T10:24:35","modified_gmt":"2025-01-09T10:24:35","slug":"how-canadian-seniors-can-make-extra-money","status":"publish","type":"post","link":"https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/2019\/05\/21\/how-canadian-seniors-can-make-extra-money\/","title":{"rendered":"How To Make Extra Money In Canada After Retirement"},"content":{"rendered":"\n

<\/path><\/svg><\/span><\/span>Estimated reading time: <\/span>11<\/span> minutes<\/span><\/p>\n\n\n\n

Discover ways to make extra money after retirement in Canada. From downsizing your home to exploring other possibilities, find out how to increase your income.<\/p>\n\n\n\n

If You Have Time, There Is Extra Money To Be Made<\/h2>\n\n\n\n

I think the obvious for most seniors who own a home would be to downsize <\/a><\/strong>and either move to an apartment, condo, or smaller residence to lower expenses<\/a><\/strong>.<\/p>\n\n\n\n

If you’ve already paid your mortgage off<\/a><\/strong>, this may or may not make a significant financial difference apart from paying property taxes and other forms of home maintenance.<\/p>\n\n\n\n

By this, I mean needing a new roof, windows, and so on instead of keeping the yard tidy and cleaning the gutters.<\/p>\n\n\n\n

As Canadian seniors age, downsizing for other reasons, such as health and lack of need, could quickly free up extra cash.<\/p>\n\n\n\n

Recently, my father-in-law passed away, and my mother-in-law is finding herself in a situation where she has too much house and property and needs help with her health.<\/p>\n\n\n\n

What we’ve learned over a year is that there are many people out there willing to work to make extra money.<\/p>\n\n\n\n

If you’re a senior feeling healthy and up for the challenge, you can make extra money by offering services or even opening up your home in many ways. <\/p>\n\n\n\n

Whether you declare any extra income you earn is up to you, but I will share some tax-exempt ideas.<\/p>\n\n\n\n

Reader Question <\/h2>\n\n\n\n
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Dear Mr.CBB,<\/strong><\/p>\n\n\n\n

Thanks for writing such a wonderful blog as it’s helped me to conquer my fears about debt and growing old with little money over the past few years.<\/p>\n\n\n\n

One of the things I’m curious about is earning more money and ways I can do this aside from cutting my tight budget further.<\/p>\n\n\n\n

As a Canadian senior my pension is very small as I collect just shy of $1900 a month in Canada Pension Plan (CPP)<\/strong> and Old Age Security (OAS)<\/strong> and have some retirement savings put by.<\/p>\n\n\n\n

I own my home which is a 2500 sq foot 4 bedroom bungalow on a half acre property which keeps me busy but not busy enough.<\/p>\n\n\n\n

My spouse passed away 3 years ago from lung cancer and I’ve been alone ever since to tend to the duties of being a homeowner.<\/p>\n\n\n\n

It’s tough but I get by with the help of my children but would like to find simple ways I can make extra money on the side.<\/p>\n\n\n\n

Sometimes it’s not easy navigating the internet to find certain resources and not knowing who to call in the community is also a struggle.<\/p>\n\n\n\n

While I’m still healthy and willing to do odd jobs I was hoping you might have ideas to help this bubbly Canadian senior make extra money.<\/p>\n\n\n\n

Thanks for listening,<\/strong><\/p>\n\n\n\n

Carol<\/strong><\/p>\n\n\n\n

Chatham, Ontario<\/strong><\/p>\n<\/blockquote>\n\n\n\n

Ways Canadian Seniors Can Make Extra Money In Their Community<\/h2>\n\n\n\n

Canadian seniors who are worried about their finances or want to fill up their time can turn to these ten needs in their community to earn extra money.<\/p>\n\n\n\n

The following are only a few ways you make extra money, as they may be things you’re already doing, such as going for a walk or grocery shopping.<\/p>\n\n\n\n

Let’s take a look.<\/p>\n\n\n\n

Room Rentals<\/h2>\n\n\n\n

Our neighbour, an older lady, rents a room in her basement to a gentleman monthly. However, he lives with his family in another city.<\/p>\n\n\n\n

He comes and goes throughout the month as he works locally but would prefer to stay close to work during the week.<\/p>\n\n\n\n

She earns $500 a month from renting a room<\/a><\/strong> that has garage access to the basement.<\/p>\n\n\n\n

This earning potential is not for every senior, especially if you are worried about who you rent to.<\/p>\n\n\n\n

If you are unsure about the rental process, ask a friend or family member to help.<\/p>\n\n\n\n

Renting a room is a simple way to make extra money, but your renter may want a rental receipt, which you should claim as income.<\/p>\n\n\n\n

Host An International Student<\/h2>\n\n\n\n

This is where seniors may benefit from a tax-free way to make extra money because businesses like Red Leaf Canada and the Canada Homestay Network<\/a><\/strong> exist.<\/strong><\/p>\n\n\n\n

Red Leaf is a hosting company for international students looking to place them in houses within the community they are visiting.<\/p>\n\n\n\n

Related:<\/strong> How we became a host family for international students<\/strong><\/a><\/p>\n\n\n\n

The significant part is you know that the international homestay student coming to live with you for a month or even a year is screened by the hosting company.<\/p>\n\n\n\n

They do all the hard work; the easy part is showing your international students about life in Canada and participating in it with them.<\/p>\n\n\n\n

Simple.Easy.Cash.<\/strong><\/p>\n\n\n\n

Landscaping and Gardening Services<\/h2>\n\n\n\n

We recently hired a senior couple to landscape my mother-in-law’s property and add grass seed to an old vegetable garden.<\/p>\n\n\n\n

They did a fabulous job and even went as far as to clean out her gutters, which were full of leaves.<\/p>\n\n\n\n

They were paid $1300 for four days of work,<\/strong> and we hired them to mow the lawn twice a month.<\/p>\n\n\n\n

We pay them $50 each mow, which is an excellent deal for the size of her property.<\/p>\n\n\n\n

They will make extra money from simple chores they love to do, and you can do the same.<\/p>\n\n\n\n

We are not their only clients; word-of-mouth keeps them well-known in the community.<\/p>\n\n\n\n

Dog Walking\/Pet Sitting\/House Sitting<\/h2>\n\n\n\n

If you’re a senior, you can make more money by taking pets for walks and even pet sitting when their owners are gone on holiday.<\/p>\n\n\n\n

My parents do this in the UK along with general house maintenance and get to live in castles and mansions most of the year.<\/p>\n\n\n\n

They save their money by doing laundry where they house and pet sit and can eat food from the property garden if available.<\/p>\n\n\n\n

Although they make more money, it’s not much, but the savings from other aspects of what they do keep them going.<\/p>\n\n\n\n

Each day, they earn about 30 pounds or 51 Canadian Dollars between them, although it may be more in Canada.<\/p>\n\n\n\n

Plus, they love it, and it funds their holidays around Europe when they aren’t house or pet-sitting.<\/p>\n\n\n\n

Babysitting\/Before and After School Care<\/h2>\n\n\n\n

Before and after-school care in Canada is a need for parents since daycare costs are high, and it is not easy to find a spot. <\/p>\n\n\n\n

Cash can be made if you’re willing to take on the challenges of getting kids to and from school five days a week.<\/p>\n\n\n\n

My neighbour does this, and she earns $20 in the morning before school and $20 after school for 3-4 hours a day per child.<\/p>\n\n\n\n

Most days in the spring and fall, she stays at the school after it is done, and the kids play at the park, or she brings sports equipment.<\/p>\n\n\n\n

This keeps the kids outdoors getting fresh air, and her house stays tidy.<\/p>\n\n\n\n

She also provides healthy snacks and beverages for the children, which is easy.<\/p>\n\n\n\n

If you’d rather babysit for the entire day for parents heading back to work full or part-time, there’s also a need.<\/p>\n\n\n\n

You can earn up to $40 per child per day, $200 a week, or extra money for one child if you’re ready for the challenge.<\/p>\n\n\n\n

Professional Organizer\/House Cleaner<\/h2>\n\n\n\n

If your passion is geared towards cleaning and home organization, many homeowners need help in this department.<\/p>\n\n\n\n

Related:<\/strong> How to tidy up and organize your home using the KonMari Method<\/strong><\/a><\/p>\n\n\n\n

You may even find neighbours struggling to keep the house tidy and would like some help weekly or even once a month.<\/p>\n\n\n\n

Chores might be as simple as dusting, washing floors, sparkling up the windows, and spring and fall cleaning the inside of the house.<\/p>\n\n\n\n

Sell Your Skills <\/h2>\n\n\n\n

If you have any skills that could be put to work, such as fixing small engines, cleaning, and landscaping, these can earn extra cash. <\/p>\n\n\n\n

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My mom paints store front windows in her community and does some hemming and small sewing projects.<\/p>\nKim Threeolives- Facebook<\/cite><\/blockquote>\n\n\n\n

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Selling homemade crafts, doing Farmers Markets seasonally (selling crafts, veggies from your garden, canning preserves, baked goods, etc.) <\/p>\nBijie Kowalski – Facebook<\/cite><\/blockquote>\n\n\n\n

Host A Billet <\/h2>\n\n\n\n

Earn up to $500 monthly if you host a hockey billet in your home, paid directly to the family. <\/p>\n\n\n\n

The family is to provide three meals a day to the billet and treat them like family.<\/p>\n\n\n\n

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Taking in a Billet for a minor league hockey team member can be an option for extra income. <\/p>\nBijie Kowalski – Facebook<\/cite><\/blockquote>\n\n\n\n

Learn more about how to become a host billet<\/a><\/strong>.<\/p>\n\n\n\n

Companionship\/Driver<\/h2>\n\n\n\n

If you drive, you could easily find another senior or adult in your community who needs companionship and get paid for it.<\/p>\n\n\n\n

Some ideas of what a companion can do with others in need;<\/p>\n\n\n\n