BUSINESS

Common-Sense Financial Tips To Keep In Mind As Freelance Jobs Are Become More Common

Taxes are freelancers' kryptonite.

10/09/2017 03:42 EDT | Updated 10/09/2017 03:42 EDT

The freelancer life offers plenty of perks compared to most corporate gigs: flexible work hours, the option to work from home, and freedom from lame office Christmas parties. But they often come at a cost.

There's the unrelenting chase for clients, a lack of a steady income, and the surprise taxes on your sweet, sweet paycheque. It's also the current situation for millions of Canadians.

sdominick via Getty Images
No awkward company Secret Santa sessions are one of the upsides to a freelancing career.

Statistics Canada estimates 2.18 million Canadians are categorized as temporary workers, as of September 2017. It's a group that includes people who take on term, contract or temporary employment, such as freelancers.

One of Canada's largest temp agencies also doesn't see the country's temporary workforce going anywhere anytime soon. According to Randstad Canada, there's an "immense shift" toward freelancing and other precarious work situations, especially for millennials.

"New technologies and new attitudes towards employment are having a profound effect on how the workforce will look in 2025. This shift in thinking and the willingness of young Canadians to eschew the traditional nine-to-five for non-traditional roles will dramatically change the makeup of the workforce over the next decade," said Randstad Canada CEO Marc-Étienne Julien.

So if you're going to take on a freelance gig, then you might as well find out how to grow your hard-earned money. And to do that, consider the tips in the video above.

More financial advice from Wiser Wallet:


With files from Daniel Tencer

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