By day, Megan Fielding is a Toronto-based communications professional. By night, she’s takes the stage as a theatre performer.

Unlike the typical full-time Canadian employee who works an average 36.6 work-week, Fielding’s “side-hustle” or side-profession of performing can push her average work week up to 70 hours. In addition to working 40 hours per week full-time, she’ll spend about 13 hours a week rehearsing for a show that’s four or five months away and then, during crunch time (when the performance is two weeks away), her rehearsal time ramps up to 25 to 30 hours per week.

While Statistics Canada hasn’t released numbers on how many Canadians engage in a side-hustle, the growing popularity of websites such as Etsy, Uber and Airbnb suggest that a number of Canadians are seeking more fulfillment or cash beyond their typical 9-to-5 jobs.

For some, the side-hustle can strictly be about making extra money. But for others like Fielding, it’s more about the freedom to pursue a passion professionally without the financial pressure of doing so full-time. In Fielding’s case, it could take a performer years of “paying their dues” or many free shows before he or she lands an agent or a paying gig. She views her side-hustle as an investment in her career as a performer, without having to endure the lifestyle of a starving artist.

“I’ve loved to dance and sing since I was 3 years old, but performing full-time and dealing with the financial reality of that would have taken the love out of it,” says Fielding. “Community theatre allows me to continue building my performance CV and get noticed, so I am that much more positioned for a paying show if the right one comes along.”

Like Fielding, Rosemary McCracken considers her side-career as a financial crime novelist one of passion more than money. While the Toronto-based author of the Pat Tierney financial crime series receives royalties from the two fiction novels she’s written, her source of main income comes from being a full-time freelance journalist writing for various trade publications.

Despite having some financial success with her novels to date, McCracken doesn’t intend to give up her day job anytime soon.

“The two professions feed each other creatively,” says McCracken. “In my financial journalism articles, I come across a lot of cases where elderly clients fall victim to financial fraud. I can then use some of that content to fuel my fiction down the road.”

Along with fulfillment and extra money that come from the side-hustle, there’s also a downside to consider: stress.

“When I get back edits from the editor on my novel, I have about 48 hours to respond,” says McCracken. “That’s when the worrying comes in about how I can respond to those changes at the same time as meeting deadlines from other publications.”

If you’re wondering how to juggle a part-time job or passion without compromising your full-time job, here is what these “side-hustlers” and experts suggest:

Full disclosure with your current employer. Before engaging in type of side-hustle, disclose your intentions to your current employer, says Larry Moser, vice president of adviceDirect at BMO Financial Group in Ottawa. “Communication is the first and best course of action with your employer, because many employment contracts require disclosure of outside business activities, even charity work.”

Fielding has always been open with her employer about her external commitments and has found her team at Telus to be quite supportive. “My managers and team also always rally a big group together to come see the show and support me in person.”

Flexibility with full-time hours. As a full-time freelance journalist, McCracken is completely at the helm of her time, which enables her to switch back and forth between her professions when necessary.

However, for full-time employees required to be at the office during the hours of 9 to 5, the juggling of a side-hustle and its time commitments can be tricky. This is why a work-from-home option at Telus is critical for Fielding. “By working remotely, I can start my day earlier, put in my eight hours and leave earlier to get to a rehearsal on time.”

Build in your down time. A lifestyle of side-hustling has very little down time, adds Ivan Ramirez, a Toronto-based graphics designer by day and a hip hop artist known as Divo by night.

“Every day after work, I’m either in the studio producing more music or hustling to promote it and grow the business,” says Ramirez. His wife often forces him to take a break. “You do need your down time to ensure you stay inspired and can continue doing your side-hustle at your best, or else it’s not worth pursuing at all.”

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Managing the business of the side hustle

Whether you’re making jewellery part-time and selling it on Etsy or driving for Uber, here are the steps to continue side-hustling without getting into trouble with your full-time employer or the Canadian Revenue Agency:

Keep a clear divide between your full-time job and your side-hustle. Be sure that you keep separate resources and separate hours between your full-time job and your side endeavour, says Kim Inglis, a Toronto-based investment advisor and portfolio manager. “An employer may be okay with you having a side business, but you should still maintain a barrier between the two.”

Track all of your income and expenses. Whether you’re earning $500 or $50,000 a year in your side endeavour, income earned on any type of business is taxable, says Alan Posner, a Toronto-based accountant. “Even if it’s a blog and there are ads which generate revenue for that page, it’s taxable in the eyes of a CRA, and over the past couple of years, they have started increased efforts to track any internet-based businesses.”

Be sure to keep all of your receipts for expenses incurred while conducting the side business, as well as tracking your incoming revenue, adds Inglis. “Any non-capital losses incurred through a side business could be used applied three years back or seven, 10 or 20 years forward to offset your main income, depending on the type of loss and the circumstance.”

You’ll also want take advantage of all the tax deductions available to you, especially since the additional income may push you into a higher tax bracket. This potentially means incorporating, says Asher Tward, a financial advisor based in Toronto. “If you’re total income begins to exceed the $150,000 threshold, incorporating your business could help lower your personal tax bracket, as well as reduce your personal liabilities.”

Once you’re earning $30,000 or more in taxable sales per year in the following period, you’ll have to also apply for a Harmonized Sales Tax (HST) number, adds Posner. Visiting the CRA website or speaking to a professional can help you navigate these more complex issues.

Prepare for emergencies. In the course of running a business, you never know what can happen, which is why Inglis suggests building up your emergency fund. “Something could happen where you may not be able to work or you owe some money, a rainy day fund can add to your peace of mind.”

You may also want to look at expanding your property casual insurance for your home or car, if you are using either of these for your business activities.

Look at the future. Ready pursue your side-hustle full-time? Ask yourself if investing your full-time hours into a side-hustle would ultimately lead to the overall income level you are seeking, suggests Tward. “If you don’t see your business growing with additional time spent on it, it may be best kept on the side.”

Many businesses lose money in their first few years. As long as there is a future pattern of exponential growth, the venture may eventually pay off. That’s why a long-term business plan is critical, adds Posner. “A clear end goal or vision coupled with excellent execution is really what makes the difference between businesses that fail and those that succeed.”