2 sources of extra income
- Work part-time – Finding part-time work in retirement can provide extra income and help you stay engaged and active.
- Apply for government benefits – Many retired Canadians miss out on government benefits because they didn’t know they had to apply. Learn more about government benefits.
2 ways to use your home for income
- Tap the savings in your home – With a reverse mortgageMortgage A loan that you get to pay for a home or other property. Often the loan is for 20 years or more. You make a set number of payments for a set amount each year.+ read full definition, you can borrow from the equityEquity Two meanings: 1. The part of investment you have paid for in cash. Example: you may have equity in a home or a business. 2. Investments in the stock market. Example: equity mutual funds.+ read full definition you’ve built in your home – but there are costs and risks. Learn more about reverse mortgages.
- Rent out part of your home – Put your house to work for you by renting out a room or sharing your home with a friend instead of living alone. Just remember that you will pay taxTax A fee the government charges on income, property, and sales. The money goes to finance government programs and other costs.+ read full definition on your rental income. Learn more about renting out your home.
When you retire, you’ll likely be entitled to at least some federal government retirement benefits. But you won’t get them if you don’t apply.