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Ownr Blog  > Magazine  > Money & Lifestyle  > Inspiration  > Best Businesses to Start in Canada: 12 Profitable Ideas

Best Businesses to Start in Canada: 12 Profitable Ideas

If you’re looking for the best business to start in Canada, you’ve come to the right place. In this blog post, we discuss 12 profitable business ideas that are perfect for Canadian entrepreneurs.

These businesses range from online companies to brick-and-mortar stores-. Whether you’re -a new or seasoned entrepreneur, this list will provide you with valuable insight into what’s expected to be profitable in 2022.

• What is the best business to start in Canada? 12 Options

Whether you want to work from home alone or you love working with people and socializing, running your own business is one of the best ways to build a career that inspires you for years to come.

We’ll start with the more accessible options that require minimal investment and work towards more complex ideas.

• Online Courses and Coaching

People are often looking to improve their lives through online courses and/or coaching, making it a great business opportunity. There is a huge demand for online courses and coaching in areas such as business, fitness, health, and relationships.

Starting an online course or coaching business is relatively easy and can be done with little to no upfront investment. All you need is a laptop, an internet connection, and some knowledge in your chosen field. If you’re not sure where to start, platforms like Udemy and Skillshare are great for creating and selling online courses.

As a business owner, you’ll be able to set your own hours and work from anywhere in the world. This is a solid option for entrepreneurs who want the freedom to travel or those who want to work from home.

• eCommerce Store

Starting an eCommerce store is another online business idea that can be done with minimal investment. It’s a great way to sell products that you’re passionate about.

Many platforms, such as Shopify, WooCommerce, and SquareSpace, make it simple to create an online store. You’ll need to choose a niche for your store and stock it with products that you know your customers will love.

You’ll likely need to create marketing materials and a social media presence to reach your target market. Starting an online store is a good option for entrepreneurs who are creative and have an eye for detail.

• Freelance Writing

If you’re a talented writer, you may want to consider starting a freelance writing business . This suits entrepreneurs who want the freedom to work from home (or anywhere else) and set their own hours.

Many platforms are available to help you find clients, including Upwork, Fiverr, and Freelancer. To get started, you’ll need to create a portfolio of your work and market yourself to potential clients. If you’re passionate about writing and have strong communication skills, this may be the entrepreneurial path for you.

• Marketing Agency

If you have a knack for marketing and understand the digital landscape, starting a marketing agency requires little to no up-front investment. You can offer digital services such as social media marketing, content marketing, and email marketing to businesses of all sizes.

One of the best aspects of offering marketing services is that you can practice and apply the same skills on behalf of yourself and your clients.

Web design is a digital service in high demand. While knowing code can be a benefit, it’s not a skill you necessarily need to be a proficient web designer these days. If you have a good eye for design and an understanding of web design basics, starting a web design business may be an option worth considering.

Because most businesses require a website, there’s always a demand for web designers. You can start your own web design business with little to no upfront investment and work from anywhere in the world.

This is a great option for entrepreneurs who are creative and have an eye for detail.

• Translation Services

If you’re bilingual or multilingual, why not use your language skills to earn an income by starting a translation business?

Starting a translation business requires minimal investment and enables you to work from home or anywhere else you find suitable.

This is a great option for entrepreneurs who are passionate about language and enjoy helping others connect.

Whether you start your own daycare or become a dedicated caregiver for one family, providing quality childcare can be a rewarding way to earn a living.

If you have extensive babysitting experience or have worked at children’s camps, these may be good sources for initial references. 

Childcare is a great option for entrepreneurs who love working with children and have the patience and energy to care for them over long hours that often begin early in the morning.

• Pet Sitting

Whether you live in a big city or a small town, chances are high that plenty of people own pets. And as much as pet owners love their furry (or not so furry) friends, they don’t always have the time to take care of them. 

As a pet sitter, you would provide care for people’s pets when they are unable to do so. This can include feeding, walking, and even providing medication if necessary.

A physical office or storefront is optional for a pet sitter because the job often entails caring for pets at clients’ homes.

This is a great business for you if you love animals and want the flexibility of creating your own schedule.

• Food Trucks

If you like cooking, meeting new people, and working at a variety of locations, owning a food truck may appeal to you.

Food trucks have become increasingly popular in recent years, as they offer a unique dining experience that is often more affordable than traditional restaurants.

To start a food truck business you will need to invest in a quality vehicle and kitchen equipment, as well as obtain the necessary permits from your city or town.

You’ll also need to create an enticing menu that will appeal to your target market. To attract food lovers and differentiate yourself from the competition, you may want to focus on a niche cuisine.

This business idea is ideal for entrepreneurs who are passionate about food and cooking.

If you love serving delicious food and want to build a larger business, starting a restaurant may be the best option for you.

While restaurants require a significant investment, they also have the potential to be very profitable.

To start a restaurant you will need to find a suitable location, develop a menu, hire staff, and obtain any necessary permits or licenses.

You’ll also need to create an inviting space that reflects your culinary vision and attracts customers.

This is a great option for entrepreneurs who want to be in charge of their own bricks-and-mortar business and have a passion for food and cooking.

• Sewing and Tailoring

If you’re skilled at sewing or tailoring, you may want to start a sewing and tailoring business.

This type of business is best suited to those who have experience working with fabric and repairing or creating garments.

To get started, you’ll need to invest in a quality sewing machine, as well as find a suitable workspace.

You’ll also need to develop a price list for your services and promote your business to potential customers.

This is a great option for entrepreneurs who are looking for a creative and challenging business venture.

• Landscaping and Yard Maintenance

If you have a green thumb and enjoy the outdoors, starting a landscaping or yard maintenance business may be worth considering.

This type of business is best suited to those who are physically fit, have experience caring for gardens and lawns, and have worked with tools and gardening equipment.

To get started, you’ll need to invest in the appropriate tools and equipment, as well as a reliable vehicle that fits your equipment.

A benefit to running a landscaping business is that your work is like an advertisement. If you create a beautiful front yard for a customer, it can lead to referrals to their neighbors.

Landscaping and yard maintenance is perfect if you love working outside and meeting new people.

• Which business ideas work best in Canada?

Whether you’re looking to start a profitable small business from home or build a well-known brand it’s important to consider factors such as competition, seasonality, and startup costs.

• Competition

Competition is a factor every new business needs to consider. You want to be sure that your product or service is unique and that there’s a market for it. Your business will be one among many small businesses competing for customers’ attention and dollars.

To stand out from the crowd, you’ll need to create a unique selling proposition (USP) for your business.  Your USP should explain exactly what your company provides in a way that differentiates you from competitors.

Another competitive factor to consider for bricks and mortar businesses is location. For example, even if there are a lot of restaurants in your city, if they are mostly concentrated in specific areas then you may be able to do well by choosing a more unique location or creating a food truck to serve those areas.

• Seasonality

Seasonality is critical to consider when starting a business in Canada because the country experiences four distinct seasons.

While some businesses do well year-round, the success of others relates to the seasons. For example, a landscaping business will likely have more work in the spring and summer months than in the fall and winter.

If you’re considering starting a seasonal business, you may want to consider maintaining a part-time job during your less active months. Another option is to offer different services during the off-season. , such as landscaping in the warm months, and snow removal during the winter months. 

• Startup Costs

An important factor to consider when choosing a business idea are the startup costs .

Some businesses require a significant investment of money and time, while others can be started with just a few hundred dollars (or less).

It’s important to choose a business that you can afford to start and that you believe has the potential to quickly earn back your initial investment. 

• How to plan and start a business in Canada

There are many resources available to help you get started on your entrepreneurial journey, and you’ve already found one of the best. Ownr can help you register your business , as well as manage annual returns and other important legal processes across the lifespan of your company. Another great resource is the  Canadian government’s business portal. Here you’ll find information on applying for a business license , and how to apply for government grants and loans .

You can also check out your local Small Business Centre if one is available. These often include free resources and workshops on how to start and grow a small business in your province. 

Once you have an understanding of how starting a business in Canada (and in your province) works, you will want to create a business plan to act as your guide.

• How to decide what business to start in Canada

If you’ve dreamed of being your own boss, and achieving financial independence, starting a business may be the answer. However, choosing which type of business to invest in can be challenging. 

The best business idea will likely combine your skills, passion, and work or life experience. For example, if you’re skilled at managing people and have experience and interest in the culinary arts, a restaurant may make sense. If you have those same skills but prefer working alone, a food truck may be a better option.

Take the time to research your options, and don’t be afraid to ask for help from those with experience. 

Before making up your mind, take a close look at the existing businesses that operate in your area. What do they do that makes them successful, and how can you emulate that success while providing a unique and valuable experience to your customers?

Answering those questions and delving into your own interests and experiences will help you carve out the entrepreneurial path that’s best for you.  

With careful planning and execution, you can start a successful business in Canada.

This article offers general information only, is current as of the date of publication, and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While the information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by RBC Ventures Inc. or its affiliates.

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2. Prepare business plan

A business plan explains your business idea, short and long-term business goals and what resources are available to start and operate your business. 

A business plan explains your business idea, short and long-term business goals and what resources are available to start and operate your business. If you need help writing a business plan:

• contact your local Small Business Enterprise Centre or, if you are a technology or innovation company, a Regional Innovation Centre
• check available online resources, such as BDC , Futurpreneur , or BPlans for sample business plans talk to your local bank to see what tools they have to help you start your business

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Create a Business Plan

Think of it as a playbook for your goals, priorities and growth opportunities., how to write a business plan.

Creating a business plan can feel like a huge undertaking when you are starting a new business . And while developing one does require careful thought, studies show that entrepreneurs who have a formal plan are often more successful than those who don’t. Keep reading to see how a business plan benefits you and the details you should include.

Prefer to just get started? Start creating your business plan with the RBC Business Plan Builder.

Content in this Article

What is a business plan? Benefits of writing a business plan Information to include in your business plan Create your plan with the RBC Business Plan Builder

What is a Business Plan?

Benefits of writing a business plan.

Writing a business plan can help you in several ways—here are just a few of the biggest benefits:

• Provides a roadmap. A business plan requires you to be thoughtful about the direction of your business, consider the goals most important to you and how you will achieve them. Think of it as your step-by-step guide for success!
• Reveals gaps or risks you need to address. By looking at your business critically, you’ll be able to identify your strengths as well as areas where you may be vulnerable.
• Shows potential investors, stakeholders or lenders that you’re serious. Attract and engage those who may be interested in your business with all the important information they need to know.

Information to Include in Your Business Plan

Create an executive summary Describe the current business environment Outline your marketing and pricing strategies Describe how your business will operate Detail your financing and cash flow needs Describe your team (even if it’s just you) Identify risks and how you’ll protect your business Write a conclusion Include your contact information

Create an Executive Summary

After your cover page and table of contents, include an executive summary. Since this is the first thing readers will see, it should be clear, grab their attention and identify what your business does.

What to include:

• Your industry, target market and how your business is different from the competition
• Your business structure (sole proprietorship, corporation, etc.)
• What stage your business is in
• Your experience and credentials, as well as your team’s, if applicable
• Financial projections for the business (or performance to date, if you’re already operating)
• Calculate your estimated revenue - how to calculate revenue

Tip: Write your executive summary last and keep it to one page. While it’s structurally the first section, it will summarize everything else in your plan.

Describe the Current Business Environment

This should be a detailed history and summary of your business, identifying the product(s) or service(s) you’re offering and how you will solve a problem or need in the market. Be sure to include any pre-market research or testing you’ve conducted that speaks to the viability of your idea.

When you’re starting a business , your bank and potential investors don’t have historical data to review. Your plan must clearly convey your strategy, competencies and the reasons your venture will succeed. (If your business is already established, you’ll want to cover where you started and how you got here.)

• Where you want your business to go—and how you’ll get there. What are your goals? How will you generate sales?
• What your business does. What needs does your business fulfill? Where will you sell your products or services?
• Your business set up. How is your business structured ? Are there other owners or shareholders?
• How you know your business will work. What market research or testing have you done? Are there trends?

Tip: Revisit your business idea by asking yourself these 7 key questions or use our business idea checklist to see the steps you may need to take to get to opening day.

Outline Your Marketing and Pricing Strategies

This is your opportunity to explain how you’re going to get customers to buy your products or services. This section involves identifying your ideal customers, your pricing strategy and more.

• Your products, service and unique selling proposition. What are the features of your product or service and what makes it unique compared to what your competitors offer? How will you draw customers away from competitors?

Tip: Completing a strengths, weaknesses, opportunities and threats (SWOT) analysis may help you write this section. Download a FREE SWOT Analysis Template

• Your pricing strategy. How will your pricing be competitive, but still allow you to make a profit? Check out how to decide on a pricing strategy.
• Your sales and delivery strategy. How will you will generate sales? Will you sell directly to customers or through other businesses? How much will it cost to produce and ship your product?
• Advertising and promotion strategy. Which advertising and promotion tactics (website, digital marketing, social media, email) will reach your audience most effectively?

Tip: Choose a few channels to do well instead of pursuing all of them at once. That way, you’ll be better able to direct your focus and monitor your progress.

Describe How Your Business Will Operate

The operations section of your business plan should describe what’s physically necessary for your business, as well as any partners who help keep things running smoothly.

This section contains four main categories:

• Your stage of development. This should highlight what you’ve done to date to get the business operational, then follow up with an explanation of what still needs to be done.
• The production process. This lays out the details of your day-to-day operations, manufacturing details, inventory, costs, outsourcing and more.
• Getting products and services to customers. What is your supply chain and distribution strategy?
• Partners and allies. Who are the people and organizations that support you? Who are key suppliers and vendors?

Third-party groups may be able to help you in your journey. For example, Futurpreneur serves entrepreneurs age 18-39 who want access to business resources, financing and mentoring.

Detail Your Financing and Cash Flow Needs

Use this section to determine how strong your business is financially. Be realistic about expenses and projected income so you can properly assess your financial health early on and make sure you have enough cash for the first year.

• Startup costs. What are your one-time and ongoing expenses? How will you cover the costs? Check out how to determine your start-up costs and working capital or use our Startup Costs Calculator .
• Profit margin and break-even point. How will you make a profit and calculate margins? What is your break-even point? Suggested reading: The Difference Between Cash Flow and Profit
• Balance sheet. What assets, liabilities and capital do you have at this point in time?
• Financing. What are your sources of financing —savings, loans, grants? What are your repayment terms, if any?
• Cash flow forecast. What is your 12-month cash flow forecast? Estimate it now: Cash Flow Forecast Template

Describe Your Team (Even if It’s Just You)

This section should describe your current team as well as anyone you might need to hire to round out your company.

• Skills and strengths. What skills do you and/or your team have that are critical to the business?
• Management style and structure. How will you manage your team? Who will employees report to?

Identify Risks and How You’ll Protect Your Business

Every business comes with some risk, so it’s better to be prepared for them now rather than be surprised later. Use this section to explore potential risks and how you’ll protect your business .

• Obstacles your business may face. How could the economy, your competition, supply chain or another circumstance affect your business? How do you plan to minimize and handle these and other risks?
• How you’ll protect against losing market share (new competition). Do you have any agreements or vendors you’ll rely on?
• How you’ll prevent critical data loss. Outline what you will do to reduce the impact of data loss, such as backing up all computer data regularly, using cloud providers, employee rules on installing software and other policies.
• How you’ll protect intellectual assets. Will employees sign confidentiality agreements to protect processes, trade secrets and other intellectual property? See How Intellectual Property (IP) in Canada Works .
• Compliance requirements. What rules, regulations and licences will you need to comply with to operate?
• Insurance needs. Does your industry require specific coverage, such as professional liability or other insurance?

Write a Conclusion

This is the last thing readers will see, so you want it to be strong. Use your conclusion to reinforce your goals and objectives. If you need financing, clearly state the amount you need and how it will be used. As with your executive summary, your conclusion should be succinct, clear and leave a positive impression.

Include Your Contact Information

Potential investors and lenders need to know how to reach you. Don’t forget to include your business name, contact information, website and social media presence in your plan.

Create Your Plan with the RBC Business Plan Builder

This comprehensive template will guide you through a series of questions, resources and tips to help you write your plan. Best of all, you can go at your own pace and come back to work on it anytime.

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What is a business plan and why do I need one?

A business plan is a written document that describes your business, its objectives and strategies, the market you are targeting and your financial forecast. It is important to have a business plan because it helps you set realistic goals, secure external funding, measure your success, clarify operational requirements and establish reasonable financial forecasts. Preparing your plan will also help you focus on how to operate your new business and give it the best chance for success.

Securing financial assistance to start your new business will be directly related to the strength of your business plan. To be considered a viable candidate to receive funds from a financial institution or investors, you must demonstrate that you understand every aspect of your business and its ability to generate profit.

A business plan is more than just something to show lenders and investors, it is also necessary to help you plan for the growth and progress of your business. Your business’s success can depend on your plans for the future.

Listed below are examples of questions to ask yourself when writing your business plan:

• How will I generate a profit?
• How will I run the business if sales are low or if profits are down?
• Who is my competition, and how will we coexist?
• Who is my target market?

What should be included in a business plan?

Although business plans can vary in length and scope, all successful business plans contain common elements. The following points should be included in any business plan:

• Executive summary (business description)

Identifying your business opportunity

Marketing and sales strategy of a business plan, financial forecasts of a business plan, other useful documentation, the executive summary (business description).

The executive summary is an overview of the main points in your business plan and is often considered the most important section. It is positioned at the front of the plan and is usually the first section that a potential investor or lender will read. The summary should:

• Include the main points from each of the other sections to explain the basics of your business
• Be sufficiently interesting to motivate the reader to continue reading the rest of your business plan
• Be brief and concise – no more than two pages long

Although the executive summary is the first section of the plan, it is a good idea to write it last – after the other parts of the plan have been finalized.

In this section of your business plan, you will describe what your business is about – its products and/or services – and your plans for the business. This section usually includes:

• Who you are
• What you do
• What you have to offer
• What market you want to target

Remember that the person reading the plan may not understand your business and its products and services as well as you do, so try to avoid using complicated terms. It is also a good idea to get someone who is not involved in the business to read this section of your plan to make sure that anyone can understand it.

Some of the things you should explain in your plan include:

• Whether it is a new business venture, a purchase of an existing business or the expansion of an existing business
• The industry sector your business is in
• The uniqueness of your product or service
• The advantages that your business has over your competition
• The main objectives of your business
• Your legal business structure (sole proprietorship, partnership, corporation)

You can also include the date the business was registered/incorporated, the name of the business, its address and all contact information.

A strong business plan will include a section that describes specific activities that you will use to promote and sell your products or services. A strong sales and marketing section demonstrates that you have a clear idea of how you will get your product or service into market and can answer the following questions for the reader:

• Who are your customers? Do some research and include details of the types of customers who have shown an interest in your product or service. You can describe how you are going to promote yourself to potential customers.  
• How are you going to reach your customers? You should know your customers and the best methods to reach them. Research will help you identify the most effective way to connect with your selected audience, whether it is through the Internet, over the telephone or by in-person contact.  
• Who is your competition? Once you understand this, you need to research their strengths and weaknesses and use this information to assess potential opportunities and threats to your business.  
• How are you going to position your product or service? Describe what makes your product or service unique to the market you are trying to target.  
• How are you going to price your product or service? This information will outline your pricing strategy, including incentives, bulk pricing and/or group sales.

Don't underestimate the importance of this part of your plan. Investors need to know that you and your staff have the necessary balance of skills, motivation and experience to succeed. This section describes the people working in your business and how you plan to manage your activities. Information in this section can include:

• A brief organizational layout or chart of the business
• Biographies of the managers (including yourself)
• Who does what, with a brief job description of each position
• The needed skills of each position
• Any other relevant information related to personnel

It is also a good idea to outline any recruitment or training plans, including the cost and the amount of time required.

The operations section of your business plan will outline your daily operational requirements, facility requirements, management information systems, information technology requirements and any improvements you may have planned. This section usually includes information like:

• Daily operations – descriptions of hours of operation, seasonality of business, suppliers and their credit terms, etc.  
• Facility requirements – this includes things like size and location, information on lease agreements, supplier quotations and any licensing documentation    
• Management information systems – inventory control, management of accounts, quality control and customer tracking  
• Information technology (IT) requirements – your IT systems, any consultants or support service and an outline of any planned IT developments

Your financial forecast turns your plan into numbers. As part of any good business plan, you need to include financial projections for the business that provide a forecast for the next three to five years. The first 12 months of forecasts will have the most details about costs and revenues, so investors can understand your strategy.

Your financial forecasts should include:

• Cash flow statements – cash balance and the cash flow pattern for the first 12-18 months, including working capital, salaries and sales
• Profit and loss forecast – projected level of profit based on your projected sales, the costs of providing goods and services and your overhead costs
• Sales forecast – the money you expect to make from sales of your product or service

Some other things to consider include:

• How much capital do you need (if you are seeking external funding)?
• What security can you offer to lenders?
• How do you plan to repay your debts?
• What are your sources of revenue and income?
• Forecasts should be covering a range of scenarios
• Reviewing risks and developing contingency plans to offset the risks
• Reviewing industry benchmarks/averages for your type of business

It is important to do your research to find out how your business compares to other small businesses in your industry.

The following sections are not always required, but can enhance any business plan:

• Implementation plan – this section lists estimated dates of completion for different aspects of your business plan, targets for your business and accomplishments. Appendices – these should include supporting material, such as licences and permits, agreements, contracts and other documentation that support your business plan.

Who should write my business plan?

Your business plan should be prepared by you, the entrepreneur. It is your business and your plan, but do not hesitate to ask for help from your management team, consultants, accountants, bookkeepers, copy editors or other experienced people.  

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The Best Business To Invest And Start In Canada 2023: A Complete Guide

Contributor.

Foreign entrepreneurs find Canada's business environment increasingly attractive for starting new businesses and investing in existing ones. The nation's stability, abundant natural resources, and highly educated workforce are drawing more and more entrepreneurs to the area. This influx is partly due to Canada's strategic location, which makes it an ideal hub for companies seeking to expand their operations into North America and beyond. On this page, you will learn everything about the best businesses to start and invest in Canada in 2023 and beyond! If you are a foreign entrepreneur that wants to start a business in Canada, schedule a 1-hour strategy meeting with our business immigration lawyers and learn how you and your family can gain permanent residency.

Why Should You Invest or Start a Business in Canada?

Canada offers a stable environment for foreign and domestic investors and entrepreneurs. The World Bank consistently ranks Canada among the easiest places to start a business, and it's not hard to understand why. The country's political stability is a significant advantage, providing a solid foundation for thriving businesses. The strategic location gives businesses easy access to the U.S. market, and trade agreements like the United States-Mexico-Canada Agreement (USMCA) offer further benefits. A key feature of Canada's business landscape is its diverse and multilingual workforce. This cultural diversity fosters innovation, creativity, and a global approach to business.

The Best Business to Invest and Start in Canada 2023

To determine the best businesses to invest in or start in Canada, you need to look at the sectors that are likely to generate the highest returns. It's important to thoroughly analyze factors such as market trends, technological advancements, and consumer demand. Below are some of the businesses that you should consider starting or taking part in:

• Technology and Innovation
• Real Estate
• Green Energy
• Food and Agriculture
• Finance and Fintech

Technology and Innovation Businesses

The tech industry in Canada is thriving, and cities like Toronto and Vancouver have emerged as global tech hubs. This sector offers many opportunities, including artificial intelligence, machine learning, cybersecurity, software development, and much more.

Startups are innovating in areas like fintech, health tech, and green tech, among others. Investing in a tech startup or starting your own can yield high returns. The government offers substantial support for tech businesses, making this sector more attractive for investment.

• Cost to Start : $5,000+
• How Easy to Start : Easy
• Investment Opportunities : Many

Examples of Successful Technology and Innovation Companies in Canada

Canada's technology sector is extensive, covering many areas of expertise. Shopify and Hootsuite are two of the most well-known brands in e-commerce and social media management. Another innovative startup, ApplyBoard , is changing the game in ed-tech by streamlining the student application process. Meanwhile, Element AI and Coveo are leading the way in advanced machine learning and predictive analytics solutions.

Ideas to Start a Business in Technology and Innovation Sector

Regarding potential business ventures, one option to consider is establishing a cybersecurity company that provides robust defence mechanisms against cyber threats. Another possibility is to create software solutions tailored to meet the needs of certain industries. Also, starting an AI-based company specializing in machine learning or data analytics is a viable opportunity.

Real Estate Businesses

The real estate market in Canada has shown resilience despite fluctuations. Investing in property development, be it residential, commercial, or industrial, can result in promising returns.

Apart from traditional property investment, there are opportunities in proptech (property technology). Proptech companies use digital technology to refine and enhance the real estate industry, offering services such as virtual property tours, AI property management systems, and online real estate marketplaces.

• Cost to Start : $100,000+
• How Easy to Start : Medium

Examples of Successful Real Estate Companies in Canada

The real estate industry has witnessed a rise in prop-tech companies in recent years. These companies, including Unreserved and Properly , are revolutionizing the home buying and selling process by simplifying it. Additionally, in the commercial space, Breather is offering flexible workspace solutions.

Ideas to Start a Business in the Real Estate Sector

As an entrepreneur, you could consider a real estate investment trust (REIT), which allows you to invest in properties that generate income. Alternatively, you might want to venture into proptech by creating a platform that enhances the property buying, selling, or renting experience.

E-Commerce Businesses

The digital economy has led to the growth of the e-commerce industry, which has become highly profitable globally. Canada also follows this trend, as more consumers opt for online shopping due to convenience.

Many people appreciate the convenience of online shopping. If you're interested in starting an online business, such as retail, tech, or services, the initial investment is typically lower than a traditional brick-and-mortar business. This makes it an attractive option for new entrepreneurs. Additionally, businesses can consider exploring opportunities in logistics and delivery services.

Examples of Successful E-Commerce Companies in Canada

Big names like Shopify and Amazon dominate Canada's e-commerce sector. However, numerous niche online retailers like Frank And Oak (clothing), Article (furniture), and Well.ca (health and wellness products) have also found success.

Ideas to Start a Business in the E-Commerce Sector

For aspiring entrepreneurs, there's ample room for growth. Consider starting an online store that caters to a specific niche, or develop a platform that enhances the online shopping experience, such as an AI-powered recommendation engine.

Healthcare Businesses

The healthcare industry in Canada has always been strong, and the current global health crisis has emphasized the importance of innovative healthcare solutions. With a growing elderly population and a rising demand for healthcare services, this industry offers great potential for returns.

Businesses can invest in telemedicine, the development of new medical technologies, private clinics, home healthcare services, and more. Biotechnology and pharmaceutical companies involved in vaccine development and gene therapy are also promising avenues.

• Cost to Start : $200,000+
• How Easy to Start : Difficult
• Investment Opportunities : Limited

Examples of Successful Healthcare Companies in Canada

Companies like BlueRock Therapeutics are at the forefront of regenerative medicine, while Dialogue offers telemedicine services to Canadians. LifeLabs , a healthcare diagnostics company, provides medical laboratory tests and services.

Ideas to Start a Business in the Healthcare Sector

Entrepreneurs could consider setting up telemedicine platforms, private clinics, or home healthcare services. Another avenue could be to develop digital health solutions, such as apps that help users monitor their health or manage their medical appointments.

Green Energy Businesses

Canada's green energy sector is gaining attention due to the global trend toward sustainable and clean energy sources. The country is a top producer of hydroelectric power and has favourable geography for generating wind and solar power.

Investment in this sector doesn't just mean establishing energy plants. There are opportunities in research and development of new technologies, equipment manufacturing like solar panels and wind turbines, and offering consultancy services for businesses transitioning to green energy.

• Investment Opportunities : Not many

Examples of Successful Green Energy Companies in Canada

Companies like TransAlta Renewables and Innergex Renewable Energy are leading the way in the green energy sector. Startups such as CarbonCure are creating innovative solutions to reduce CO2 emissions in the construction industry.

Ideas to Start a Business in the Green Energy Sector

There are many opportunities to pursue in the renewable energy sector, such as establishing renewable energy plants or developing technology to improve energy efficiency. For example, you could start a business focused on installing and maintaining solar panels or wind turbines. Alternatively, you could offer consulting services to companies looking to make their operations more environmentally friendly.

Food and Agriculture Businesses

Canada has a long and prosperous history in agriculture, and the food and agriculture industry still presents many opportunities. As people become more conscious of the origins and methods of food production, there is a growing demand for organic and locally sourced products.

Investing in organic farming, starting a specialty food business, or developing sustainable food processing and packaging solutions are all promising avenues. Restaurants focusing on farm-to-table concepts and health-focused menus are also popular.

• Cost to Start : $250,000+

Examples of Successful Food and Agriculture Companies in Canada

A rising star in the food and agriculture sector is Goodfood , a meal kit company. In the agriculture-tech field, companies like Farmer's Edge and Terramera are using technology to enhance farming practices.

Ideas to Start a Business in the Food and Agriculture Sector

Have you thought about investing in organic farming? Alternatively, you could start a specialty food business that caters to specific dietary needs. Another possibility is to explore tech-driven solutions, such as developing farm management apps or creating sustainable food processing and packaging technologies. These options have great potential for growth and success.

Finance and Fintech Businesses

Canada boasts a stable financial system, positioning it as an ideal location for finance-related enterprises. However, traditional finance is not the only investment option available. Fintech, an abbreviation for financial technology, is transforming how individuals handle and utilize money, and this industry offers tremendous innovation potential.

Companies offering digital payment solutions, online lending platforms, robo-advisors for investments, and blockchain technologies are growing rapidly. As consumers and businesses increasingly embrace these solutions, the fintech sector is set to soar in 2023 and beyond.

Examples of Successful Finance and Fintech Companies in Canada

Traditional banking institutions like RBC and TD Bank are prominent in the finance sector. However, fintech companies like Wealthsimple (investing), Borrowell (personal loans), and Koho (digital banking) are shaking up the industry.

Ideas to Start a Business in the Finance and Fintech Sector

In the field of fintech, there are numerous opportunities to explore. You may consider creating a digital payment system, an online lending platform, or providing robo-advisory services for investment. The acceptance of blockchain and cryptocurrency within the financial industry also presents promising prospects.

How to Start a Business in Canada

There are several crucial steps when starting a business in Canada . If you are a foreign investor or an entrepreneur, you will likely need to go through the business immigration process , which could allow you to gain permanent residency in Canada. The following investment immigration programs are available to you:

• Entrepreneur Visa (C11) : This program is perfect for people who want to start or buy a business in Canada and be actively involved in managing it.
• Intra-Company Transfer (ICT) : This program is designed for individuals who are relocating to a Canadian office of their companies.
• Startup Visa Program (SUV) : This program is ideal for entrepreneurs who want to kickstart or fund innovative businesses in Canada.
• LMIA Work Permit Program : Foreign entrepreneurs can work in Canada while effectively managing their own businesses under this program.

After you have narrowed down your business immigration program, based on our experience, anyone who is looking to start business operations will have to take the following steps:

• Step 1 – Develop a Business Idea: Create a strong business idea, understanding your target audience and market fit. Show relevant industry experience and management skills for immigration purposes.
• Step 2 – Seek Mentorship and Networking: Leverage insights from mentors and build your network to understand the Canadian market better.
• Step 3 – Create a Business Plan: Ensure your immigration business plan is specific, well-researched, and viable. It should be active, create jobs, and contribute to Canada's economy for immigration considerations.
• Step 4 – Financial Investment: Know the financial requirement for your business and plan funding. For immigration, show financial capacity and ensure your business benefits Canada.
• Step 5 – Register and Incorporate Your Business: Incorporate your business correctly as it affects future growth. For immigration, incorporation in Canada is often necessary.
• Step 6 – Obtain Permits and Licenses: Secure the necessary permits and licenses specific to your industry to operate legally in Canada.
• Step 7 – Open a Bank Account and Apply for a Business Credit Card: Separate business and personal finances by opening a business bank account.
• Step 8 – Launch Your Business: Start your venture in Canada, showing commitment and execution for immigration application.
• Step 9 – Analyze and Reflect: Constantly improve your business by evaluating operations, successes, and failures.

Franchising in Canada

Investing in a franchise in Canada can be a lucrative business opportunity. With a franchise, you can operate a business under a well-known brand, which can lower the risk and uncertainty associated with starting a business from scratch. There are many franchise options in different sectors, such as fast food, fitness, and home services, among others. To choose the best franchise for you, it's essential to consider factors like the initial investment, ongoing fees, level of support from the franchisor, and the brand's track record.

Our Experience with Starting Businesses in Canada

Successful entrepreneurship requires more than just a good business idea. It requires careful planning, strategic decision-making, and a willingness to adapt and learn. We have helped numerous foreign entrepreneurs start businesses in Canada, make sure to check out our yearly results report .

"To achieve success, it's crucial to take the following steps. Firstly, conduct comprehensive market research. Understanding your target audience and competition is vital. Secondly, create a robust business plan that clearly outlines your goals, strategies, and financial forecasts. Thirdly, networking can go a long way. Build relationships with entrepreneurs, industry leaders, and potential customers. Fourthly, in this digital era, effective online marketing is crucial. This includes social media, content marketing, SEO, and more. Lastly, it's essential to remain adaptable. The business environment is constantly changing, and the ability to embrace new ideas and adjust your strategy when needed is what separates successful entrepreneurs from the rest." – Feruza Djamalova

Frequently Asked Questions

Below you will find answers to the most commonly asked questions about the best business to invest in and start in Canada:

Which business is good to invest in Canada?

For entrepreneurs looking to invest in Canada, putting your money in the technology and innovation sector is an intelligent decision. Canada has established itself as a dominant force in fields such as machine learning, artificial intelligence, software development, and cybersecurity, with thriving tech hubs in cities like Toronto and Vancouver. Given the ongoing digital transformation of various industries worldwide, starting a tech startup or creating your own tech product or service can yield substantial returns.

Which business is most profitable in Canada?

The most profitable businesses in Canada are in the technology, healthcare, and finance industries. Specifically, software development, AI, and cybersecurity companies have shown impressive profit margins in the technology sector. Telemedicine and biotech companies are standing out with remarkable profitability in healthcare. Fintech startups in the finance industry are proving highly lucrative as digital technologies continue to disrupt traditional financial services.

What business can I start with $100K in Canada?

With a budget of $100K, an aspiring entrepreneur has several viable options in Canada. You could consider starting an e-commerce business, which can have lower startup costs compared to brick-and-mortar businesses. Similarly, a consultancy firm in a field you're an expert in, like digital marketing or green energy consulting, could be a cost-effective choice. Alternatively, consider investing in a franchise, as several franchises are available within this budget.

Which businesses are booming in Canada?

In 2023, booming businesses in Canada include those in the green energy sector, fintech, e-commerce, and healthcare innovation. The shift towards sustainable energy sources drives growth in the green energy sector, while advancements in digital technology are spurring growth in fintech and e-commerce. With an aging population and ongoing global health concerns, innovative solutions in the healthcare sector are in high demand.

What is the fastest business to make money in Canada?

E-commerce can be one of the fastest businesses to make money in Canada due to its lower startup costs and the increasing number of consumers turning to online shopping. Another fast-paying business is a consultancy, where your knowledge and skills can be turned into profit. However, the speed at which a business becomes profitable largely depends on factors like market demand, competition, and how effectively the business is run.

While these sectors show potential, thorough market research and planning are crucial to any business's success. Before starting or investing in a business, potential investors should consider their interests, skills, and specific market conditions.

How Sobirovs Law Firm Can Help You

The Canadian market is ripe with opportunities for entrepreneurial ventures. By expanding your existing business to Canada or investing in an established domestic business, you could contribute to the country's economic growth and gain permanent residency. Remember, thorough market research, a solid business plan, and a passion for your chosen industry are critical ingredients for business success. It's time to make your entrepreneurial dreams come true in Canada! Schedule a consultation today !

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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Need a business plan? Try our template.

Invest in the future of your business by taking the time to create or update your business plan using our free template.

The importance of your business plan

Perhaps the most important document for any new business is a business plan. Yet too many business owners fail to sit down and prepare or update one.

A business without a plan is adrift. Decisions are made reactively based on the owner’s emotions, rather than prudent research. Employees, vendors, investors and other stakeholders (as well as the owner) are unclear about the direction of the company. That lack of focus results in wasted dollars, energies and resources as the company zigzags along instead of following a well-planned straight line to its goals.

Writing a business plan can seem a daunting task. Many entrepreneurs simply don’t have the time, inclination or the proper tools.

Business planning template

We have developed a template that makes creating your Business Plan easy. And it’s free !

This template guides you through all of the steps required to complete a proper business plan. It has explanations of the terms and definitions. It lets you add your own thoughts and comments.

Once you’ve completed the steps, you’ll have a business plan complete with cover page, contact information, financial tables, product descriptions and marketing details. You can save and print the plan, or send it electronically to anyone.

Use your plan to move your business forward with confidence, to motive your team, or to present to investors or lenders.

Depending on how much research and preparation you’ve already completed, creating your plan won’t consume much time at all. While it’s very easy, don’t worry if you get stuck because help is available throughout the process.

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Once you’ve completed your business plan, you may take it to a Scotiabank  Small Business Advisor . The advisor can review your plan, supply feedback, and, if requested, help you to explore your financing options.

Get feedback on your plan

Asking people to review your plan will make it stronger because you’ll receive valuable feedback. Share it with your accountant, lawyer, financial advisor and trusted businesspeople so they can offer their suggestions to improve your plan. If you are really worried about someone reading your secrets, consider attaching a Non-Disclosure Agreement (NDA) to the plan. An NDA is a legal document that prevents others from sharing your information with unauthorized parties.

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Why business templates are vital

A business plan is essential for the success of your small business or startup. It helps guide the direction of your business and explains your vision to others. A reusable single- and multi-page template lets you tailor your pitch for investors, staff, and prospects. Plans help:

• Included Startups decide if the idea is viable.
• Included Small businesses gauge the competition, determine their competitive advantages, set goals, and plan marketing strategies.

Download our guide on how to write a business plan

Why you’ll want to plan your business with our template

Our business plan template:

Helps you budget accurately

Our business plan’s customizable structure lets you accurately present your financial data.

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Explains business plan components

Each business plan component comes with an annotated explanation to help you write your plan.

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Has multi-page and single-page versions

Simplify your mission, then focus it for investors with two different templates.

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Getting started with the business plan template

Develop a concise mission statement about why your company exists and how it differs from similar companies. For example, Google’s statement is ‘To organize the world's information and make it universally accessible and useful’. LinkedIn’s statement is 'Connect the world’s professionals to make them more productive and successful'. Then, develop business goals and objectives that fit with your statement. For example, LinkedIn’s objectives would specify metrics around the number of professionals and connections.

A value proposition presents the specific benefits your product or service brings to your customer, reinforces your brand identity, and give your team a focus. Business plan examples of value propositions might be: 'We help our customers feel good by fueling up with exceptional coffee in a community environment’, or ‘We help our customers choose the right gift in less than 10 minutes’.

A business plan for startups defines its target customers. All businesses should include market analysis in their business plans and update their analysis regularly. Start with your customers’ demographics. Then use the internet and primary sources like surveys and interviews) to learn more. Next, identify competitors and determine their strengths and weaknesses. Compare them with each other and decide where you fit within the competitive environment.

Successful small businesses promote their brands through websites, social media, broadcast ads, or sponsorships. They also use various sales channels, including online, brick-and-mortar stores, affiliates and distributors. Your business plan market analysis helps you decide the marketing strategies for your industry, product, and target audience. It also will help you predict annual sales – a key part of your financial planning.

Your business plan outline will also include your business structure, such as whether you are a limited corporation or partnership. It will list any operating agreements and information on supplier logistics. For example, how you will receive your raw materials and how you’ll deliver the product to customers. It will describe your daily operations and number of employees. Once you’ve completed your business plan, you’ll develop job descriptions for each role and begin hiring your team.

Financial forecasting is an important part of financial planning for businesses. Investors and lenders want to see your forecasts to determine whether to provide financing. The forecast also helps you budget to weather seasonal revenue dips and decide how many staff you can afford. It’s also a benchmark for gauging your performance, so you can take corrective action if necessary. Hiring a bookkeeper or accountant will help you make more accurate forecasts.

One-page business plan template

Writing about customers, competitors, income, and expenses will build your ideas in a short time. A single-page business plan template is:

• Included Easy for you and investors to read and understand
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FAQs about business plan templates

You want your team and investors to grasp your vision at a glance. A simple, concise plan is easier to understand, implement, and track. A complex plan can be overwhelming, leading to procrastination or inaction, and harder for your team to grasp. A simple plan is less daunting and more easily achievable, so you and your team are more likely to follow through with it.

Absolutely. The template is fully editable and customizable. You can change the content to create a plan that is unique, engaging, and personal, and update the plan easily as conditions change. The template guides you through the process, but doesn’t require you to do your plan a certain way.

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35 Best Business Ideas to Start In Canada

Looking to start a business in Canada, but you're not quite sure what to start?

To start, building your own business should be a direct result of something you’re passionate about and something you truly believe in.

This is where the magic comes from - the drive, the itch to create something remarkable, and the motivation when times get tough.

Here are 35 successful business ideas and their story of getting started in Canada.

1. Become a facebook ads consultant ($96M/year)

How much you can make: $3,000 — $8,000,000/month

How much does it cost to start: $1,500 (?)

How long does it take to build: 45 days (?)

Kean Graham from Vancouver, British Columbia, Canada started MonetizeMore over 14 years ago, a Facebook ads consultant.

• Revenue : $8,000,000/ month
• Founders : 1
• Employees : 290
• Location : Vancouver, British Columbia, Canada

I originally fell in love with the online industry when working for a large online classified network. The job was an immense learning experience but once the recession hit, the company decided to lay off the marketing department. I lost the best job I ever had but I was determined to turn the bad into something great.

With the devotion to improve a little bit every single day, one can accumulate incredible improvement and success.

Five days later, I'm on a plane to South America to go on a life changing trip. Four months into my backpacking trip I was on a four-day trek through the incredible Inca trail towards Machu Picchu. By the end of it, I was sitting on top of Wayna Picchu reflecting on my experiences throughout my trip. I have had the most fulfilling time of my life and it finally clicked:

2. Start a proposal software app ($6.84M/year)

How much you can make: $570,000/month

How much does it cost to start: $100 (?)

How long does it take to build: 205 days (?)

Kyle Racki from Halifax, Canada started Proposify over 11 years ago, a proposal software app.

• Revenue : $570,000/ month
• Founders : 2
• Employees : 76
• Location : Halifax, Canada

After high school, I studied graphic design in college and began working in agencies when I was 19 years old. That’s when I first noticed how time-consuming writing and designing proposals was, and I thought about what a solution might look like. This was in 2005 when SaaS was still relatively new. My vision was a product that was kind of like InDesign, which designers use to create professional layouts, but with the productivity and collaboration of a tool like Basecamp. I shelved that idea for many years before making a serious attempt to build it.

When I was 24 years old I left my full-time job and went out on my own as a freelancer, and shortly thereafter invited my friend and colleague, Kevin Springer to join me and create a web design and marketing agency called Headspace. We ran the business for five years, and that first business was where I made a lot of business mistakes and learned some painful lessons.

The key lessons I learned running the agency were:

3. Start a photo booth business ($4.2M/year)

How much you can make: $50,001 — $500,000/month

How much does it cost to start: $6,000 (?)

How long does it take to build: 37 days (?)

from North Vancouver, British Columbia, Canada started TapSnap about 12 years ago, a photo booth business.

• Revenue : $350,000/ month
• Employees : 18
• Location : North Vancouver, British Columbia, Canada

My first business was a disaster!

It was a small restaurant that I opened in 1995 at 25 years old that shut down 2 years later. I was broke, jobless and in debt. I didn’t have a specific idea of what I wanted to do, but knew that I still wanted to be an entrepreneur. I spent a couple of years working, reading business books and magazines, and looking for another opportunity.

I didn’t have much money so I could really only consider opportunities that I could start for a small amount of money and build on. And, it was also important to me that I found something that I could do as a side business. Now I guess that would be called a side hustle.

4. Start a recruiting agency ($3.48M/year)

How much you can make: $100 — $320,000/month

How long does it take to build: 90 days (?)

Sharon Koifman from Montreal, Quebec, Canada started DistantJob over 16 years ago, a recruiting agency.

• Revenue : $290,000/ month
• Employees : 26
• Location : Montreal, Quebec, Canada

I started off by running and owning a hosting company called Empire Host. We had about 3K clients at the time support was run from two offices in India with nearly 30 employees.

We were also providing an outsourcing package. Our business solutions were really cheap and to be frank, our results were mediocre at best. Although the service was fine for any mom and pop shop or even an “any results will do” kind of company, we noticed that too often, people who run tech companies actually outsourced to companies such as ourselves even work that went into their core offering - because it was cheap.

At the time, what outsourcing really was, was an arbitrage business. But the concept that people would outsource big chunks of their business to a company that does not provide the same level of communication, process, quality control, and culture just because they’ll save a lot of money, that idea really stuck with me.

5. Start a water filter store ($2.4M/year)

How much you can make: $1,500 — $200,000/month

How long does it take to build: 500 days (?)

Jay Vasantharajah from Canada started PureFilters about 9 years ago, a water filter store.

• Revenue : $200,000/ month
• Employees : 4
• Location : Canada

Honestly… I accidentally got into the business.

I run a digital marketing agency and at the time we had a lot of HVAC Contractors as clients. One of my clients was explaining to me how he sells furnace filters to customers that he visits, and wondered if he could sell them online instead. I researched this for him and concluded that there were a ton of Google searches for furnace filters. I pitched him on creating a new campaign to sell these filters online. He decided not to do it.

Once an idea comes into my head, I don’t rest until its given a fair shot, that’s just how I am. Even though my client said "no", I still wanted to do it because I was curious. I saw it as an opportunity to get a better understanding of the e-commerce landscape and the marketing challenges involved.

6. Start a cannabis business ($3M/year)

How much you can make: $2,500 — $3,100,000/month

How long does it take to build: 120 days (?)

Bjorn Dawson from Waterloo, ON, Canada started Grobo over 10 years ago, a cannabis business.

• Revenue : $250,000/ month
• Employees : 11
• Location : Waterloo, ON, Canada

I grew up in a family of entrepreneurs so it was always something I knew I would go into. My grandfather, for example, built some of the earliest satellite communication technology. Today, our phones can connect to satellites, but back then it required a $10M+ facility. He used entrepreneurship to develop something new and transformational that still impacts our lives today.

With my parents as entrepreneurs, I grew up understanding that lifestyle. Although they worked nights and weekends, they were always able to come to my afternoon soccer games and had significantly more flexibility in their life than most people do. That’s the life I wanted. The ability to pick what you work on, make an impact on the world, and choose when and how you do it.

I truly believe that anyone can become an entrepreneur, which is why I went into Mechanical Engineering at the University of Waterloo instead of going into a Business program. Within the first 6 months of being in Waterloo, I purchased a home to use as a rental property. It was the best investment I’ve ever made for two reasons. The most obvious reason is the financial return. Between rent and appreciation, the house net me over $25K/year for 5 years. The second reason is the gardens.

7. Start a meal prep business ($1.56M/year)

How much you can make: $50,000 — $600,000/month

How much does it cost to start: $500 (?)

How long does it take to build: 6 days (?)

Andrei Calinescu from Toronto, Ontario, Canada started One Life Meals over 11 years ago, a meal prep business.

• Revenue : $130,000/ month
• Employees : 29
• Location : Toronto, Ontario, Canada

I started One Life Meals in 2014 and it was pretty much the next logical step in my personal and professional evolution. After graduating from the University of Toronto in 2004 (Mechanical & Industrial Engineering) I worked for 5 years in the Pharmaceutical industry.

I moved around and gathered experiences from different departments, including Project Management, Engineering and Operations. I learned a lot during this time about how to manage a new project, create and lead teams, large-scale production, quality assurance and customer service.

Be very honest and real with yourself and the reason you want to be an entrepreneur. Being interested is not enough, you need to commit.

8. Start a phone case business ($1.5M/year)

How much you can make: $120,000 — $125,000/month

JP Brousseau from Quebec, Canada started Phone Loops over 10 years ago, a phone case business.

• Revenue : $125,000/ month
• Employees : 5
• Location : Quebec, Canada

As a graduate of the University of Sherbrooke in mechanical engineering, I worked for six years as a consultant in several industries, applying my knowledge and skills in design, manufacturing, and organizational performance. I also taught part-time in college for about five years during the same period.

I ended up with an expertise in product development and project management. I had never operated a business before Phone Loops, and I started it slowly while working other jobs. It is my first entrepreneurial attempt, but definitely not my first business idea.

I had - and still have - hundreds of ideas for products in mind… You may wonder then why the Loop is the one product that actually made it through all the hoops…

9. Start a graphic design app ($1M/year)

How much you can make: $100 — $83,500/month

Christopher Gimmer from Ottawa, Ontario, Canada started Snappa about 9 years ago, a graphic design app.

• Revenue : $83,500/ month
• Location : Ottawa, Ontario, Canada

I started off my career in finance working for the federal government. Then in 2010, I took a trip to southeast Asia that changed my life. Towards the end of the trip, I dreaded the thought of going back to the office and I no longer wanted to do work that I didn’t enjoy. That’s when I first started thinking about starting a business that would give me more freedom and meaning in my life.

One of the biggest lessons that I’ve learned over the years is the power of the long game. For starters, this applies to business and life in general. Sometimes you just need to play the game and things will happen.

A few years later I met Marc (now my co-founder) at work. After we became friends, I found out that he knew how to code and he was dabbling in some side projects. We discussed the idea of starting a business together and we were both pumped to do so.

10. Start a social media automation business ($3M/year)

How much you can make: $4,000 — $400,000/month

How long does it take to build: 50 days (?)

Justin Hartzman from Toronto, Ontario, Canada started Needls over 10 years ago, a social media automation business.

• Founders : 3

My two friends, Jeremy and Michael, and I have been building businesses together for the past decade and a half but we’ve known each other since we were kids, in fact, we met at camp!

We’ve had 3 exits, two in 2005, and another one about two and a half years ago. Now we run two startups together, one of which is Needls. My personal career started when I worked at my grandparent's outdoor lifestyle store in Kingston, Ontario.

Once we hit sales of 300x in the first quarter, we realized we had something.

11. Start a freelance writing business ($1.5M/year)

How much you can make: $700 — $500,000/month

How long does it take to build: 56 days (?)

David Tile from Toronto, Ontario, Canada started Article-Writing Co over 13 years ago, a freelance writing business.

• Employees : 25

In 2011, coming out of college, I miserably tried to start a penny auction website. I studied Political Science at University, which had absolutely no bearing on this idea. I knew I wanted to do something entrepreneurial and was consumed by this auction model. I had my own specific mechanics that I thought would make the game a lot more fair for the average consumer. But alas, 6-8 months later, after burning through thousands of dollars trying to get the technology right, I was absolutely nowhere.

I was resigned to not give up, but the mechanics of the auction are critical to the smooth operation of the website and if you can’t get it right you don’t have a business. So I decided to start taking on some freelance writing work, just to get some cash in.

One thing led to another and I started getting some bigger clients with bigger asks. Eventually, I snowballed hiring some writers and copy editors. Turning this thing into a full-time business operation.

12. Start a leather business ($2.4M/year)

How much you can make: $1,000 — $200,000/month

How much does it cost to start: $2,600 (?)

How long does it take to build: 30 days (?)

Time commitment per week: Min. 10 hours/week

Ryan Popoff from Nelson, BC, Canada started Popov Leather over 11 years ago, a leather business.

• Employees : 21
• Location : Nelson, BC, Canada

Popov Leather started as a hobby.

After I graduated from art school, I had no idea what to do with myself. Leatherworking appealed to me because of how sculptural it is. Leather can vary wildly; from the way it’s tanned, the type of animal it comes from, down to how thick it is. Exploring leather as a sculptural material excited me and I was supported by a fantastic community both online (Reddit, leatherworker.net) and offline (vendors such as longview leather).

Eventually, I made a wallet that I was proud of, something I would love to carry with me. I took a few pictures and listed it on Etsy.

13. Start a luggage storage business ($780K/year)

How much you can make: $2,000 — $100,000/month

How much does it cost to start: $9,999 (?)

Eugene Veeden from Toronto, Ontario, Canada started BagsAway Luggage Storage almost 7 years ago, a luggage storage business.

• Revenue : $65,000/ month
• Employees : 2

I am a software engineer, graduated from McMaster University then began a career in Oil & Gas, where I was fortunate enough to have been granted a leave of absence. I used this opportunity to explore the world and travel to South America, Asia, and Africa!

BagsAway was born as an answer to a recurring problem my co-founder Irina and I experienced on travels, and I observed back home when renting my place on Airbnb. We are first and foremost world enthusiasts at heart - travel is a passion and a life goal for us and luggage, of course, is an inseparable part of the travel experience.

We often found our bags to be time wasters, having to make special trips to drop off or retrieve them on arrival and departure days. Or just having to drag them along, which of course limited what we could do, and we were not the only ones. We noticed others dragging their bags on Hollywood Blvd or sitting on a beach with backpacks in Asia before boarding their boats.

Validation of our business came when my Airbnb guests were repeatedly asking for a place to leave their bags before their late afternoon checkin’ and after their checkout before their evening flights, we realized there was a bigger problem and with it an opportunity. Time is the most precious currency we have so we figured there had to be a better way, and when we couldn’t find a solution we decided to create it ourselves. We were also accepted into the DMZ (Ryerson Digital Media Zone), which is the top business incubator in Canada!

14. Start an axe throwing business ($1.32M/year)

How much you can make: $80,000 — $110,000/month

James Anderson from Whistler Resort Municipality, British Columbia, Canada started Forged Axe Throwing over 7 years ago, a axe throwing business.

• Revenue : $110,000/ month
• Employees : 9
• Location : Whistler Resort Municipality, British Columbia, Canada

I’ve always wanted to run my own business. I think I have a general problem with authority.

The first job I ever had was teaching windsurfing in the summer for a summer camp, then in the winter I would teach snowboarding for a small hill in Ontario. This was my first exposure to the tourism industry.

We had a lineup out the door for ages and introduced hundreds of people to our venue. We even ran out of waivers because we couldn’t anticipate how busy we were going to be.

15. Start a waterbottle business ($636K/year)

How much you can make: $11,000 — $78,000/month

How long does it take to build: 180 days (?)

Jesse Hambly from Elora, Ontario, Canada started Pressa Inc. about 9 years ago, a waterbottle business.

• Revenue : $53,000/ month
• Employees : 0
• Location : Elora, Ontario, Canada

We started the project in college when we noticed class-mates flavoring their water naturally with lemons and limes. One of our roommates complained that she wasn’t getting much flavor and often disposed of the fruit at the end of the day. So we went to work creating concepts for how we thought the product would function and look.

We had absolutely no background in plastics and for this reason. Jesse’s background was marketing, Lukes was manufacturing and Mason graduated from Toronto Film academy. Our product is quite complex and was difficult but once we got it dialed in we’ve been able to repeat the manufacturing process perfectly. After our first concept, we validated the product by running a successful Kickstarter campaign. Our campaign wasn’t pretty but it did the trick and we reached our goal of 35k.

In our Kickstarter campaign, we underpriced the product. People on Kickstarter expect to pay slightly more to be the first to own a product, if we were to have done this again I’d price the product higher.

16. Start a phone case business ($1.44M/year)

Andrew Moore from Toronto, Ontario, Canada started Felony Case over 12 years ago, a phone case business.

• Revenue : $120,000/ month
• Employees : 1

It’s a funny origin story, because I never set out to start an iPhone case company.

I had just graduated from college and I was working as a driver delivering construction supplies. It gave me a ton of time to listen to podcasts and I was really drawn to tech and startup focused ones. I had an idea for a while to do a wishlist website where people could create and share a list of gifts they wanted. I ended up having the site built, but I didn’t know how to get people using the website.

Don’t be afraid to start! Don’t overthink it, get a product out into the world and start your journey.

17. Become a freelance app developer ($600K/year)

How much you can make: $6,000 — $500,000/month

How much does it cost to start: $750 (?)

How long does it take to build: 60 days (?)

Cam Upson from Vancouver, British Columbia, Canada started Appsitude over 9 years ago, a freelance app developer.

• Revenue : $50,000/ month
• Employees : 8

I grew up in North Vancouver, Canada, as a normal kid, went to public school, I have zero post-secondary experience, and yet I had this unwavering need to succeed to do something great, I just didn't know what. I don't know if it was to prove it to myself or to show everyone else I could do it? Everyone could always tell I was different than my friends they would be out partying and I would be doing something business-related to either better myself or figuring out another way to make money.

If it's not your area of expertise and you have the money I would recommend hiring out for positions your not good at.

I knew I wouldn't be like them, working 9-5 for somebody wasn't something I could do the rest of my life I needed to figure something out and fast. Every job I got I was either fired or quit. It really is true that a boss makes a terrible employee.

18. Start a litter removal business ($720K/year)

How much you can make: $60,000/month

Brian Winch from Alberta, Canada started CleanLots.com almost 43 years ago, a litter removal business.

• Revenue : $60,000/ month
• Location : Alberta, Canada

I was working a full-time job at a sporting goods store when I realized that I couldn’t see myself doing this for the rest of my life. I didn’t really mind the work but didn’t enjoy working within the same four walls every day, making the same income regardless of how hard I worked and having to put in my time before being able to go home.

The great thing about starting your business as a side hustle is being able to learn and grow and eventually be in a great position to decide for yourself if you want to quit your job or have the best of both worlds.

I started thinking about the possibility of working for myself rather than someone else. But what kind of business? I didn’t have much going for me as previously noted. So I started to evaluate opportunities to match my interests and resources. Keep in mind there was no internet in 1981. I bought a number of business opportunity magazines from the news-stands and started the process of elimination.

19. Start a fulfillment by amazon business ($1.26M/year)

How much you can make: $2,300 — $500,000/month

How much does it cost to start: $1,700 (?)

Danny Carlson from Vancouver, British Columbia, Canada started Kenji ROI almost 8 years ago, a fulfillment by amazon business.

• Revenue : $105,000/ month

I’ve always been a thrill-seeker/adrenaline junky, so online business to me was the perfect outlet for that energy.

When I was younger I struggled with paying attention in school, I thought it was pointless. I was really smart, but only when I was interested in something. I barely managed to graduate high school due to skipping class and partying too much.

The thought of going to University sounded terrible to me, and I got depressed after resigning to a future of working a job I hated. I just didn’t see a compelling future.

This led me to work as a carpenter for 6 years in the pouring Vancouver rain, and I hated it. It wasn’t until 2015 I stumbled upon The 4-Hour Workweek by Tim Ferris and my mind expanded to the possibilities of the online business world (and how it would be my escape from construction)!

20. Start a watch brand ($300K/year)

How much you can make: $1,500 — $480,000/month

How much does it cost to start: $8,500 (?)

How long does it take to build: 200 days (?)

Ronnie Teja from Vancouver, British Columbia, Canada started Branzio over 6 years ago, a watch brand.

• Revenue : $25,000/ month
• Employees : 10

My family moved to Canada in May 2007 which makes me a first generation immigrant. I was 21 around the time, and I came from Mumbai, India where I already had a job in advertising.

I continued to experiment with drop shipping and other small ecommerce niches, till it hit me - I needed to build a brand, which was focused on longevity, I wanted to start a purpose-driven brand, not just any watch store.

In those days, Vancouver was still a small market and the opportunities in advertising and other related industry were very limited, so I got a job selling Indian (Punjabi) radio and for my first year in Vancouver, Canada. I took public transit to do sales at mom and pop Indian stores door to door to sell radio advertising.

21. Start a podcast production company ($192K/year)

How much you can make: $400 — $75,000/month

Jeremy Enns from Vancouver, British Columbia, Canada started Counterweight Creative over 8 years ago, a podcast production company.

• Revenue : $16,000/ month

I went to school for audio engineering, initially wanting to produce records for bands and artists. After graduating in 2012, I interned at a big studio in my hometown of Vancouver, and while I learned a lot, I quickly realized that I didn’t have the drive (or financial ability) to show up at the studio at 8am and work (for free) until 4am six or seven days a week for a year or more before moving up into a position that might pay $10/hr and actually start getting paid to work on music.

I went home that night, started a profile on UpWork, got my first client three days later, and within six months had quit my landscaping job and was working for myself full time as a podcast producer.

After interning just a couple of days per week for over a year, while also working full-time at a retail job, I quit the internship and put my dreams of working in the music industry behind me. I worked a number of manual labour jobs including landscape construction and maintenance, tree planting in northern Canada, and others before taking a year off to travel, bicycling across Europe, and backpacking through the Balkans, and Asia.

22. Start a balloon decor business ($240K/year)

How much you can make: $20,000/month

Janeen Brown from started Balloon Haus LLC over 6 years ago, a balloon decor business.

• Revenue : $20,000/ month
• Employees : 16

I’ve always had quite the entrepreneurial spirit, always thinking of the next best idea which is how my first business was created - a non-profit focused on helping young women, followed by an employee concierge, I started with my father Jeluxxe Lifestyle Solutions. I was always intrigued to hear about others’ journeys and how they became full-time entrepreneurs but never thought I’d get there but here I am, thanks to Balloon Haus INC. As well as, reading and learning have always been an interest of mine, which is why I was able to start this “little balloon company.”

Balloon Haus was a random idea that turned a successful business. A client from one of my other companies was looking for balloon decor and my assistant agreed to help with finding a vendor. This was much harder than we thought it would be and with no luck, we turned to youtube and figured out how to create the requested installation ourselves and the rest was history. I registered the business the same day, contacted my father and he told me, “this was the best decision you have ever made.” This was the only validation that I needed to know, this was going to be a successful business.

DO NOT TAKE ON A DIFFICULT CUSTOMER. If you notice communicating with the customer from the beginning is not easy - do not continue as you will regret it and most likely end up with an unhappy customer by the end of the transaction.

23. Start a watch brand ($240K/year)

Steve Christensen from Alberta, Canada started NOVO watch almost 13 years ago, a watch brand.

I am a watch fanatic! Ever since I was a young boy I’ve loved watches. During a summer job, after failing to find a cool new watch to buy, I told my friends I was going to start my own watch company and I did!

It seems the best way to attract customers is the story. Customers are smart and if the story isn’t authentic they’ll see that.

My goal was to look at new unique ways to tell time and approach the watch world differently. For the next few semesters and throughout my masters program I would sit at the back of the class drawing designs, emailing people from China and sending money to unknown people in hopes I would see my ideas turn into reality. When I finally got my first products, I was hooked. Entrepreneurship in the watch world my dream and I was standing at the foot of it.

24. Build an api ($360K/year)

How much you can make: $3,600 — $90,000/month

How much does it cost to start: $400 (?)

How long does it take to build: 95 days (?)

Ervin Ruci from Ottawa, Ontario, Canada started Geocode.xyz over 7 years ago, a API.

• Revenue : $30,000/ month

I have a background in CS and Math (My master CS thesis was on a class of 3SUM hard problems in Computational Geometry)

I’ve been building independent bootstrapped startups since 2005, when I quit my last day job. One of those is geocoder.ca, a geocoding API for Canada and the US I started in 2005 (and is still going strong). It also served as the starting point to go global with geocode.xyz in 2016.

Identify your strengths and do what you like to do. Having a sense of purpose is important, especially when that purpose is to solve a problem you can muster the ability to solve.

25. Start an aftermarket car parts business ($540K/year)

How much you can make: $45,000 — $325,000/month

Mitchel Matthews from Winnipeg, Manitoba, Canada started Adrenaline Offroad almost 7 years ago, a aftermarket car parts business.

• Revenue : $45,000/ month
• Employees : 3
• Location : Winnipeg, Manitoba, Canada

My passion for trucks started way before I could even drive. I always wanted to have a huge lifted truck and I loved the idea of driving a vehicle that could make it through conditions that most vehicles couldn’t such as a deep ditch full of water or 3 feet of snow! My grandfather willed me one of his trucks so when I was 16 years old I was blessed to now have his old truck as my own! It was completely bone stock with not a single modification done to it….YET! Over the years I saved pretty much every penny I made at my minimum wage jobs and invested it all into building my truck up to be the beast that it is today!

These before and after pictures below are almost 6 years apart!

26. Start a franchise development business ($120K/year)

How much you can make: $10,000 — $1,000,000/month

Andrew Hoffman from Brampton, Ontario, Canada started My Franchise Partners almost 10 years ago, a franchise development business.

• Revenue : $10,000/ month
• Location : Brampton, Ontario, Canada

My background includes varied experience with the finance, operations and business development of retail, wholesale, manufacturing, distribution, importing, exporting, sales and consulting companies.

I was very fortunate to enjoy many challenges with start-up, turnaround, and fast-paced opportunities. This includes multiple locations, union and non-union shops, international commerce, restructuring and defining roles, policies, and procedures

Over the years many people suggested I had the experience and attributes required for success as a consultant. As I explored a variety of ideas I was drawn to the franchise world. I get to work with people who have a strong desire to operate their own business, build a better future and want to leave a legacy for their family. I thoroughly enjoy working with entrepreneurs who are ready for the next step in their growth cycle.

27. Start a bathroom appliance business ($120K/year)

How much you can make: $10,000 — $500,000/month

How long does it take to build: 540 days (?)

Ahmad Iqbal from Toronto, Ontario, Canada started Nadeef Bidet about 9 years ago, a bathroom appliance business.

I was born in Canada, but as a child, my family and I moved around the world a lot. Before turning 22, I had lived in Pakistan, Japan, Saudi Arabia, Korea, England, United States, Italy, Dubai, not to mention Canada. My dad has a pretty cool job which required him to spend years at a time in different countries, and I believe that travel gave me a lot of perspective and maturity for my age.

I didn’t know it at the time, but the traveling was what eventually gave me the idea to start Nadeef. Basically, in Middle Eastern countries and places like Japan, Korea, and Pakistan, having a bidet is quite common. In fact, the houses and apartments have hand-held bidets built in as standard. So growing up with this bathroom hygiene I expected it as standard. Personally, I cannot use a bathroom now without a hand-held bidet - it just doesn’t feel right. There are millions of people that share this pain with me; my friends and family, and many people in our community.

I see entrepreneurship as an equation. On one side of the equation is product, and on the other side is marketing. Most people just solve for the product side.

28. Start a woodworking business ($78K/year)

How much you can make: $1,000 — $40,001/month

How long does it take to build: 204 days (?)

Time commitment per week: Min. 5 hours/week

Sasha Weekes from Hunter River, Prince Edward Island, Canada started Timber Grove Studios about 7 years ago, a woodworking business.

• Revenue : $6,500/ month
• Location : Hunter River, Prince Edward Island, Canada

I was always the art kid growing up, so I naturally began my post secondary education by pursuing a degree in Fine Arts. I spent my summers refinishing furniture and doing photography and that’s how I got my feet wet with business, so by my second year, I was also pursuing a minor in Commerce.

I had never really done much woodworking at all but became a lot more interested in design and home decor during those years. After finishing my third year, I was itching to do something more practical than becoming a gallery artist, so I set my sights on furniture design and enrolled in a college cabinetmaking course instead. It really wasn’t where I had ever expected to end up, but it was sort of a natural progression and I’m so glad I did it!

I started making mountain shelves in the morning before class to sell on Facebook and Kijiji. It was intended to be a fun side project but they were so popular that I started my business shortly after graduating with the mountains as my first product.

29. Start a coffee roasting business ($90K/year)

How much you can make: $7,500 — $150,000/month

How long does it take to build: 365 days (?)

Michael Russo from Whitehorse, Yukon, Canada started Firebean Coffee Roasters over 9 years ago, a coffee roasting business.

• Revenue : $7,500/ month
• Location : Whitehorse, Yukon, Canada

I’m a life-long learner.

I believe in play, and I love to create stuff. I’m a teacher by trade, turned to stay at home dad. The joke has been if you leave a guy at home long enough, he will find hobbies...and they sometimes involve fire.

Talk to a small group of peeps that are not being served in a certain way and provide that small group a really awesome experience.

30. Start an embroidery business ($120K/year)

How much you can make: $6,500 — $10,000/month

Mike Lecky from Montreal, Quebec, Canada started Vagabond Heart about 7 years ago, a embroidery business.

As I mentioned above, I’m a serial entrepreneur, and a lifelong maker. I’ve been selling online since the early 2000’s, well before Shopify made it easy, even before Amazon existed. In the past I’ve designed typefaces, ran a literary magazine, published books, sold vintage menswear, and even built and sold wooden furniture online.

The idea for Vagabond Heart came to me three years ago when I was on a winter-long vacation in a small town in Mexico, which I loved, except for the fact that I didn’t really have anything to do with my time. I thought to myself, “If i’m going to come down here every winter, I need a project to keep me busy.”

The idea was a combination of my interest in vintage clothing, style, and old movies, with my love of menswear and fashion, and of course, travel. What I wanted was a way to make my normal looking duffel bag look like an updated version of the luggage you’d see on a trans-Atlantic crossing in the 1920’s, or on the runway in Casablanca .

31. Start an online food business ($54K/year)

How much you can make: $2,000 — $3,000,000/month

How long does it take to build: 135 days (?)

Katie Young from Whitehorse, Yukon, Canada started Klondike Kettle Corn over 9 years ago, a online food business.

• Revenue : $4,500/ month

It was actually a close friend’s idea to set up a kettle corn business in the Yukon. He had seen one set up down south (Vancouver) and thought it would take off in Carcross, a small community just outside of Whitehorse, that was starting to cater to tourists coming off the cruise ships from Skagway, AK.

When other work commitments did not allow him to follow through with his business idea, I stepped in to help. Eventually, I bought the kettle corn business from him and started to attend the Fireweed Community Market in Whitehorse.

Be open to new ideas and always be searching for creative ways to keep your product interesting.

32. Start a career coaching business ($36K/year)

How much you can make: $1,000 — $235,000/month

Nissar Ahamed from Toronto, Ontario, Canada started CareerMetis.com about 9 years ago, a career coaching business.

• Revenue : $3,000/ month

I started my 20s like most new graduates — unemployed and eager to start earning a living. I had just moved to Toronto, Canada, and I wanted to get a decent start to my carer.

But, as you can imagine, I went through all the challenges of the job search. I sent numerous applications and got only a handful of interviews and then struggled to convert those interviews into a successful job offer.

After a year of struggle and odd jobs, I did manage to break through and land a successful corporate job at age 22 in the electronic payments industry. It was my first breakthrough and laid the foundation for a successful Corporate Sales Career.

33. Start a men's underwear brand ($9.6K/year)

How much you can make: $800 — $2,000,000/month

How much does it cost to start: $4,000 (?)

How long does it take to build: 470 days (?)

Zaid Shahatit from Toronto, Ontario, Canada started Nooks over 4 years ago, a men's underwear brand.

• Revenue : $800/ month

I was always going to go to med school as far back as I remember. I busted my a-- in high school and university - balanced fitness with a good GPA, extra-curricular, research, etc. Unfortunately, I applied and didn’t get in, so I decided to start working on a Masters Degree in Genetics and Bipolar Disorder research. Although it’s still currently my “day job”, I have to say that I really didn’t like having to go somewhere 9-5 and waste 3 hours a day on a commute.

I’ve always wanted to start selling online. I looked at brands like Chubbies and Dr. Squatch and absolutely loved their humor-packed marketing to regular guys. Fast forward to needing to buy underwear, and I remember not really connecting to brands like Calvin Klein and Tommy Hilfiger - they show ripped dudes with 10-pack abs and play off of “sexy” marketing. Although they do cater to a certain segment of the market, and clearly their marketing works, I thought that “regular guys” (including me) were being underserved. Plus, their materials are either cotton (which isn’t very… ”friendly”) or synthetic materials. Both of them are uncomfortable, get sweaty and are generally unpleasant to wear.

Here’s a simple test to see if you really connect with a brand. Ask yourself “what underwear am I wearing?”. I’m willing to bet that for most guys, they don’t really know. When it comes to underwear, most guys don’t consider what they’re wearing. All they know is that it’s something you wear under your clothes. I thought - hey, let me try to get guys excited about underwear.

34. ($0/year)

Quin Amorim from Edmonton, Alberta, Canada started Q&A Selling Online Podcast about 7 years ago, a business.

• Revenue : $0/ month
• Location : Edmonton, Alberta, Canada

I started selling online in 1997, way before it was cool to sell online.

Not because I wanted to start an online business, but out of necessity, in order to have money to party with my friends.

35. Start a woodworking business ($480K/year)

Andrew Stokes - Cameron Vilcsak from Vancouver, British Columbia, Canada started MTN SIDE BUILDERS over 6 years ago, a woodworking business.

• Revenue : $40,001/ month

I grew up surrounded by people who fixed, built, and problem solved for themselves. Always interested in building things and entrepreneurial pursuits, at 14 I had the idea to attach a chainsaw engine to my bicycle for my transportation.

A few weeks later and help from my Grandpa, I was whizzing past cars with an ear to ear smile on my face.

With a little luck, and a lot of gaming the YouTube algorithm, I was able to experience the viral effects of the internet. It has now been seen by over 25m people through my channel and other media networks.

Thank you for reading! We hope you enjoyed.

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Trump, Harris spending plans could weigh on the US economy, analysis shows

Economic plans from harris, trump would both add to us deficit.

We're seeing crisis level deficit spending right now: Adam Kobeissi

The Kobeissi Letter Editor-in-Chief Adam Kobeissi discusses the growing government debt, arguing it's a crisis growing over the longterm. 

As the 2024 presidential campaign heats up, Vice President Kamala Harris and former President Trump have laid out competing economic visions for the country. 

The presidential candidates are going head-to-head on a number of tax policy issues , including the expansion of a child tax credit and the elimination of taxes on tips. 

Both candidates' spending plans could ultimately add to the already massive national deficit and weigh on U.S. economic growth, according to new findings from the Penn Wharton Budget Model, a nonpartisan group at the University of Pennsylvania's Wharton School.

"You're naturally going to have a negative impact on the economy," Kent Smetters, a University of Pennsylvania Wharton School professor and faculty director of the Penn Wharton Budget Model, told FOX Business. "That doesn't mean that it's a bad policy. It just means that that is one of the trade-offs."

HARRIS BLAMES CORPORATE GREED FOR HIGH PRICES, BUT SOME ECONOMISTS DISAGREE

Kamala Harris 

Harris' plan would add about $1.2 trillion to the deficit and trim GDP — the broadest measure of goods and services produced in a nation — by about 1.3% over the next decade. By 2054, the tax and spending plan would cut economic growth by roughly 3%, according to the proposal.

Vice President Kamala Harris speaks on stage during the final day of the Democratic National Convention at the United Center in Chicago on Aug. 22.  (Justin Sullivan/Getty Images / Getty Images)

"We are on a fiscal path right now that is really dire," Smetters said. "And neither candidate is really calibrated on that. Neither of them wants to talk about the spendage."

TRUMP, HARRIS BOTH SUPPORT A CHILD TAX CREDIT. HERE'S HOW THEIR PLANS DIFFER

Harris, the Democratic nominee, has proposed providing a $6,000 tax credit for parents of newborns. Families would receive the payment during their child's first year.

She has also pitched bringing back the pandemic-era expanded child tax credit.  

The boosted payout, authorized by President Biden, offered an annual payment of $3,000 for every child aged 6 to 17 and $3,600 for every child under age 6 in 2021. Individuals earning less than $75,000 and married couples jointly making less than $150,000 were eligible for the boosted credit. 

The U.S. Capitol in Washington, D.C., on April 20, 2021. (Stefani Reynolds/Bloomberg via Getty Images / Getty Images)

To pay for the proposal, Harris has called for raising the corporate tax rate from 21% to 28%. 

Donald Trump

TRUMP'S ECONOMIC SCORECARD: WHERE HE STANDS ON TAXES, TARIFFS AND MORE

Trump's spending plan could increase the national deficit by $4.1 trillion over the next decade, according to the proposal. While it would initially boost the nation's GDP, it would eventually drag on economic growth.

The plan would shrink GDP by 0.4% by 2034, and 2.1% by 2054.

Trump has endorsed several tax-related policies, including making the entirety of the Tax Cuts and Jobs Act permanent if he is re-elected in November.

Former President Trump speaks during a campaign rally at Mohegan Sun Arena in Wilkes-Barre, Pennsylvania, on Aug. 17. (Jim Watson/AFP via Getty Images / Getty Images)

Enacted in 2017 by Republican lawmakers and Trump, the law drastically overhauled the nation's tax code, including reducing the top individual income tax bracket to 37% from 39.6% and nearly doubling the size of the standard deduction. However, those changes to the individual section of the tax code are poised to sunset in 2025, meaning that many taxpayers — including those who earn less than $400,000 — will face steeper levies if the law is not extended.

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More than $3.4 trillion in individual income and estate tax cuts are set to expire next year if Congress does not act. 

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Government of Canada lists federal lands for housing in Montréal and across the country

From: Canada Economic Development for Quebec Regions

News release

On August 25, 2024, the Government of Canada announced a new tool for builders called the Canada Public Land Bank, the first step under the new Public Lands for Homes Plan. The Canada Public Land Bank features 56 federal properties that have been identified as being able to support housing, including five new properties now intended for leasing and ready for builders to submit their plans.

Efforts also under way for call for proposals for housing in multiple cities

Montréal, Quebec, August 28, 2024 – Canada Economic Development for Quebec Regions (CED)

Canada is facing a housing crisis that is impacting lives and communities across the country. We need to build more homes, faster, to get Canadians into homes that meet their needs, at prices they can afford.

On August 25, 2024, the Government of Canada announced a new tool for builders called the Canada Public Land Bank , the first step under the new Public Lands for Homes Plan. The Canada Public Land Bank features 56 federal properties that have been identified as being able to support housing, including five new properties now intended for leasing and ready for builders to submit their plans. This new list will grow regularly in the coming months, along with further details on listed properties.

Today, the Honourable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for CED, accompanied by Emmanuella Lambropoulos, Member of Parliament for Saint‑Laurent, highlighted the redevelopment of the John Grierson Building in Montréal, one of the five federal properties now ready to be converted into housing. The property, located at 125 Houde Street, where the former head office of the National Film Board of Canada (NFB) was located, will be converted into residential apartments. A total of 110 units will be built, partly by modifying the existing building and partly by adding on to it.

Under the Public Lands for Homes Plan, we will partner with the housing sector and communities to build homes on every site suitable for housing across the federal portfolio. Wherever possible, we will do it with a novel long-term lease, not a one-time sale, to ensure every site has affordable housing and public land stays public.

To provide feedback on the land bank and its properties, the Government of Canada also launched a call for housing solutions for communities: a secure online platform . Input provided will inform the development of these properties, including engaging the broader interest of Indigenous Peoples and organizations, community organizations, builders, and other partners and housing providers.

Canada Lands Company is an essential actor in the development of federal lands. As per Budget 2024, the government will evolve and adapt the mandate of Canada Lands Company to allow the organization to deliver housing solutions more quickly under the new Public Lands for Homes Plan.

Canada Lands Company, in partnership with Canada Mortgage and Housing Corporation, has launched a call for proposals from housing providers to access some of the Canada Public Land Bank properties available in Toronto, Edmonton, Calgary, Ottawa and Montréal on a long-term leasing basis at a discounted value. The detailed proposal information can be accessed through links directly in the property listings in the land bank.

Additionally, the Government of Canada is accelerating its real property disposal process to match the speed of builders and the urgency of getting affordable homes built for Canada. Public Services and Procurement Canada will adopt service standards to deliver these properties to interested partners for the purposes of housing. New measures will continue to be announced under the Public Lands for Homes Plan in the coming months.

“Available, accessible and affordable housing options are scarce, and too many people do not have a safe place to call home. We need to do things differently and work in partnership to build more homes, faster. We are leading a Team Canada effort to unlock public lands for housing at a pace and scale not seen in generations, thus leveraging these properties to build strong communities and more affordable housing for the benefit of all Canadians.”

The Honourable Jean-Yves Duclos, Minister of Public Services and Procurement

“We need to build more homes in Canada, and one of the largest costs in building is land. By building on public lands, we can make it easier to build, and by leasing those same properties, we can make sure the homes built stay affordable for the long term.”

The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

“Public lands should be used for the public interest. Thanks to our Public Lands for Homes Plan, hundreds of Montréalers, including in Ville Saint-Laurent, will have access to affordable housing, faster. Our government is committed to creating more affordable housing in Montréal and across the country.”

The Honourable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for CED

“I am thrilled that the NFB building in Saint-Laurent is among the 56 properties across Canada that will be used to build affordable housing. For years, I have worked with various stakeholders in the Saint-Laurent community to advocate for and ensure the realization of a project of this nature, as it is very much needed. I am confident that with the support of our government and the various stakeholders involved, affordable homes will be built quickly on this land and the homes will be available to the most vulnerable.”

Emmanuella Lambropoulos, Member of Parliament for Saint-Laurent

Quick facts

• In 2024, the Government of Canada launched Solving the Housing Crisis: Canada’s Housing Plan, which lays out an ambitious whole-of-government approach to addressing the housing crisis by building more homes, making it easier to rent or own a home, and helping Canadians who cannot afford a home.
• A key component of Canada’s Housing Plan is the Public Lands for Homes Plan. This plan includes partnering with all levels of government, homebuilders and housing providers to build homes, faster, on surplus and underused public lands across the country.
• The Public Lands for Homes Plan supports the government’s goal of unlocking 250,000 new homes by 2031.
• Budget 2024 also provided $500 million, on a cash basis, to launch the new Public Lands Acquisition Fund, which will buy land from other orders of government to allow the federal government to acquire more land to be used for housing to help build middle-class homes. Work on the fund is already under way, and more details will be released in the coming weeks.
• a total of 305 hectares of land
• the size of approximately 2,000 hockey rinks or almost 400 Canadian Football League football fields

Associated links

• Budget 2024
• Solving the Housing Crisis: Canada’s Housing Plan   
• Public lands for homes
• Portfolio optimization: Disposal list

Information

Media Relations Canada Economic Development for Quebec Regions [email protected]

Marie-Justine Torres Press Secretary Office of the Minister of Tourism and Minister responsible for Canada Economic Development for Quebec Regions Cell: 613-327-5918 [email protected]

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