Nearly half of Canada’s workforce will be freelance by 2020: QuickBooks

Intuit Canada’s latest study in partnership with Emergent Research projects that full and part-time freelancers, independent contractors and on-demand workers are expected to make up 45 percent of the workforce by 2020.

Intuit has launched QuickBooks Self-Employed in Canada, a new mobile app that makes it easy for the growing number of self-employed workers to stay in control of their finances and help them prepare for tax time while on the go with effortless expense, mileage and invoice tracking all in one place. Canada is the fourth market globally to launch the app, following the U.S., U.K. and Australia.

What’s causing this shift?

  • Nearly half (47 per cent) of self-employed Canadians pursued that work because of a desire for greater work life flexibility.
  • Forty-one per cent of self-employed workers are doing so to supplement income.
  • Nearly one in five (19 per cent) self-employed Canadians pursued this work because they still needed or wanted to work during retirement.

What do self-employed workers struggle with most?

  • The biggest challenge of self-employment is not enough predictable income (59 per cent).
  • Twenty-nine per cent of self-employed Canadians manually keep track of their finances on paper.
  • Two in three on-demand workers said a better understanding of their financial fundamentals would be helpful.
  • Nearly two in three (62 per cent) of those that work for themselves are compelled to maintain a job on the side to supplement their earnings and for 17 per cent of on-demand workers specifically, difficulty managing finances has the biggest potential to put them out of business.

On demand increasingly equals on the go

  • Nearly two in three (62 per cent) self-employed Canadians drive a car as part of their self-employment.
  • Canadians who drive a car for their self-employment spend on average five more hours working each day than those who don’t.
  • More than one-quarter (28 per cent) of self-employed Canadians indicate that mileage is the most difficult expense to keep track of.

For more more research findings, please check out Intuit’s report: “The Rise of the Self-Employed Economy.” The QuickBooks Self-Employed mobile app is available for download  from the App Store or Google Play.

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