Self-Employed

Should You Consider Looking For Another Career?

Did you lose the thrive for your current job? Is it difficult to find jobs in your current career? did you lose your job because of the current COVID pandemic? Here are some ideas for fast money earning careers:

Cleaning Supplies:

Although cleaning supplies have been in the market for years, the demand has increased since the start of the COVID pandemic to find safer and cheaper products. People need these supplies for personal use such as in homes or kids in schools, or they need it to sanitize their business facilities under the current COVID regulations. Whether you sell your own made products or resell purchased products as a business, you need to report the income as business income. Keep in mind that you have to pay taxes on your earned income, so it is recommended to keep some money aside to be prepared for the tax season.

Masks and Face Shields

Another business idea that is booming in the current market is safety masks and face shields. Since the pandemic seems to last longer than anticipated, people are looking for safety measures to be able to go on with their daily routines. Inventing new face shields ideas or making your own colorful masks can earn you fast and easy money nowadays.

Delivery and Ride-sharing Services

The food and grocery delivery services have been booming since 2020. Many people prefer staying home for safety reasons and choose the grocery delivery option. Others prefer using the ride-sharing option over public transit to limit the exposure. If you want to get into this market, you have to have your own vehicle. Although buying or leasing a car seems stressful because of the extra expenses, you can claim the vehicle expenses on your business return to reduce your tax liability. Food delivery and ride-sharing services are reported as a business income.

Consideration for your tax return

If your income from your business exceeds $30,000, you will have to start charging GST/HST. Except for Food delivery service which has its’ own rules.

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