Intuit’s recent research has unearthed some pretty amazing findings: self-employment in Canada is on the rise. Are you one of the many people who’s left the traditional workforce? Or do you want to learn more about becoming self-employed in Canada? One of the greatest aspects of self-employment is that it doesn’t have to be all or nothing – you don’t have to quit your nine-to-five as you get the hang of working for yourself, and QuickBooks Self-Employed can help.
The History of Self-Employment in Canada
Frasier Institute performed a study in 2015 with data from StatsCan, a Canadian statistics organization. Their study showed that, from 1990 to 2013, the number of self-employed individuals nearly doubled, from 1.8 million to 2.7 million, meaning 15% of Canadians were self-employed in some manner, from farmers and babysitters to paper delivery persons. Between 2013 and 2017, the number of self-employed people strikingly rose to 37%, adding such positions as freelance writers and graphic designers.
According to the study performed by Intuit and Emergent Research in 2017, so many people are seeing the benefits of freelancing that it’s predicted nearly half of Canada’s entire workforce will be self-employed by 2020. The Intuit study reveals special aspects of the self-employed workforce, such as more than 40% of freelancers and independent contractors perform gigs and side jobs in an effort to supplement their full-time, regular income, while nearly 50% are self-employed for better flexibility between work and life.
There are several types of freelance positions today, and most fill a niche that used to belong to someone on-site. Outsourcing means that big companies can save on payroll by hiring someone to perform aspects of the job that don’t necessarily need to be on-site. Freelance writers draft company blogs from the comforts of home, and freelance graphic designers build websites or design marketing materials in their own offices. Even if you’re not technologically inclined, there are still positions that can make being self-employed a great side- or full-time income. And if you’re choosing your own hours, that means more time to engage in things that matter to you, such as family, friends, and those hobbies you miss.
The Differences Between Nine-to-Five and Self-Employment
Working for an employer has advantages, like you always know when you’re working, and you always know how much money you’re going to receive on payday based on how many hours you put in for the pay period. Working for yourself also has its advantages, such as creating your own schedule, not working when you have other things to do, or being able to stop mid-job to attend your child’s game or a recital.
Another difference between regular employment and self-employment is the change to your taxes. Working a nine-to-five job, you’re probably used to your taxes being taken out of your paycheque and forwarded to the Canada Revenue Agency (CRA) on your behalf – as a self-employed freelancer or independent contractor, you’re responsible for making your tax payments on time to the CRA yourself. But not to fear – this is one of the reasons Intuit came up with QuickBooks Self-Employed – to help you navigate the world of self-employment and taxes and make owning your own business that much easier.
Self-employed workers are an increasingly important part of the Canadian economy, accounting for 37% of the total workforce. Working from home, or from anywhere you have an internet connection, is a very real mode of employment, and it’s well within your grasp thanks to these tools for the self-employed.