5 ways Canadian retirees can earn extra income from home to boost their savings — and leaving their full-time jobs behind for good

The problem isn’t willpower — it’s purchasing power. The rising cost of daily living is the top concern for Canadians nearing retirement, and the gap between what the Canada Pension Plan (CPP) and Old Age Security (OAS) provide and what retirees actually need to live comfortably is widening. As of early 2026, the average monthly CPP payment for new beneficiaries was $925.35 (2), and the maximum OAS payment was $743.05 a month if you’re between 65 and 74 (3). Combined, that’s roughly $1,668 monthly in government income — a figure most Canadians would find difficult to live on.

Meanwhile, a 2025 BMO Retirement Survey found that 76% of Canadians are worried they won’t have enough money to retire comfortably with prices continually rising, and 63% say price increases have made it harder to save for retirement (4).

To bridge the gap, a growing number of Canadian seniors are staying — or returning — to work. In 2023, a record 15% of Canadians aged 65 and older participated in the labour market, up from just 6.6% in 1994, according to data from the Vanier Institute of the Family based on Statistics Canada’s Labour Force Survey (5). The average retirement age in Canada has also climbed to 65.1 years — its highest point since the late 1970s.

But not everyone wants to return to a full-time role. If you’re looking to top up your income without committing to a 40-hour week, here are five ways Canadian retirees are earning extra money in retirement — from home and on their own terms.

Part-time or flexible work

Not every working senior is trading in their retirement for a full-time schedule. Many are opting for part-time or contract roles that fit around their lifestyle — a model sometimes called “bridge employment.”

The Canada Statistics Survey of Older Workers found that 47% of Canadians would keep working in retirement if they could do so on a part-time basis, and 35% said they would continue if they could work from home (6).

There’s no shortage of part-time options for experienced workers. Roles such as administrative assistant, data entry clerk, tutoring and retail associate are consistently available across Canada and don’t require a university degree. According to job postings across Canadian platforms in 2025, many part-time positions pay between $18 to $36 an hour, depending on experience and location. Working 10 to 15 hours a week at that range can add $720 to $2,160 a month to your retirement income — a significant cushion on top of CPP and OAS.

One important note for Canadians: You can work while collecting CPP. If you’re between 60 and 65, you must continue contributing to CPP while working, but those contributions are converted into Post-Retirement Benefits (PRBs), which increase your future monthly CPP income. At 65, you have the option to stop contributing.

Coaching or consulting

Decades of professional experience don’t expire when you do. For seniors with C-suite, managerial or specialized technical backgrounds, consulting or coaching can be among the most financially rewarding — and personally fulfilling — ways to generate retirement income.

Platforms like Fiverr and Upwork are available to Canadian freelancers and allow you to market services ranging from executive coaching to business writing to financial modelling. For those with specialized professional backgrounds, positioning yourself as a fractional consultant — working with small or mid-sized companies on a contract basis — can command premium hourly rates while keeping your schedule flexible.

In-demand skills among Canadian retirees looking to consult include project management, human resources, tax and bookkeeping, communications and nonprofit governance. A professional advisor or career consultant can help you determine how to package your experience for the market.

Gig work

For those who want income that can be switched on or off with minimal commitment, Canada’s gig economy offers a range of options.

Uber and Instacart both operate across major Canadian cities and allow workers to set their own hours. TaskRabbit connects local workers with homeowners who need help with odd jobs — from furniture assembly to lawn care — and allows you to set your own rates. Gig income can be unpredictable, but even a few shifts a week can reduce the shortfall between fixed retirement income and monthly expenses.

One caution: Gig income is taxable as self-employment in Canada. Self-employment earnings must be reported to the Canada Revenue Agency (CRA). If your net self-employment income exceeds $3,500 in a year, you’ll also be required to make CPP contributions (7). On the positive side, those additional contributions generate PRBs that add to your monthly CPP payments going forward.

Rental income

Real estate is one of the most reliable retirement assets for Canadians who own property. Many seniors use their home equity to supplement retirement income — either through downsizing, renting out a portion of their home or taking out a reverse mortgage through lenders such as HomeEquity Bank.

If you own a property and are willing to rent it out, rental income is a proven source of supplemental income. You can also consider listing a room, suite or secondary property on short-term rental platforms such as Airbnb or VRBO — both widely used across Canada. Some areas have implemented restrictions on short-term rentals, so be sure to check your local government’s regulations (8).

For those who want real estate exposure without the headaches of being a landlord, Real Estate Investment Trusts (REITs) are available through most Canadian brokerages and platforms such as Wealthsimple. REITs allow you to hold shares in diversified property portfolios — commercial, residential or industrial — and receive regular distributions without owning or managing a physical property.

Earnings from rentals in Canada are considered taxable income and must be reported to the CRA. If you rent part of your principal residence, it may also affect your principal residence exemption for capital gains purposes when you eventually sell. It’s worth consulting a tax professional before getting started.

Selling courses or digital products

If you’ve spent decades growing your expertise, there’s a growing market of learners willing to pay for it.

Canada’s online education market was valued at US$1.7 billion in 2025 and is projected to reach US$9.4 billion by 2034, according to market research firm IMARC Group (9). Platforms like Coursera and Teachable make it relatively straightforward to build, host and sell online courses on topics ranging from cooking and fitness to professional development and financial planning.

Building a course takes an upfront time investment, but once created, it can generate passive income. The challenge — as with any digital product — is marketing. If you already have a professional network, social media following or blog audience, reaching potential students becomes much easier. For those starting from scratch, hiring a digital marketing professional or working with a content agency can help bridge that gap.

Digital products such as e-books, templates, guides or workshops are another option that can be built once and sold repeatedly, with minimal ongoing effort.

What Canadians can do next

Whether you’re a few years from retirement or already in it, the financial picture is clear: CPP and OAS alone are unlikely to cover the cost of a comfortable retirement for most Canadians. The good news is that the options to supplement your income are broader — and more accessible — than they’ve ever been.

Here are some practical next steps: