How to Make Money on TikTok in Canada in June 2024

WRITTEN BY Dylan Callaghan | UPDATED ON: May 23, 2024

How to Make Money on TikTok in Canada

Disclaimer: The writer of this article or employees of Stocktrades Ltd may have positions in securities listed in this article. Stocktrades Ltd may also be compensated via affiliate links in this post. Stocktrades Ltd will run advertisements on our posts. These advertisements do not represent an endorsement by us.

The rise of TikTok has created an incredible new opportunity for content creators of all ages to monetize their skillset online. Of course, this is easier said than done, but if you can carve out a solid following plus live in an affordable city here in Canada, you could do it for a living.

Earning money on TikTok will take a lot of consistency and effort or a "lightning strike" of luck that brings followers and viewers to your content. But, even with plenty of competition, there are still many noteworthy ways to monetize your TikTok and grow your income successfully and turn it into a full-time job.

How to Make Money on TikTok

  • Get a sponsorship (or several!)
  • TikTok Creator Fund
  • Become a TikTok Influencer (Micro)
  • User Generated Content
  • Sell Your Products
  • Create digital products
  • Affiliate marketing
  • Connect with your other social media accounts (including Instagram)
  • Bonus Idea: Use Your TikTok Earnings to Invest

Let's delve into each of these subjects individually.

Get a sponsorship (or several!)

Creating sponsored content is one of the best (and most profitable) ways to monetize your TikTok account. This means brand deals with brands who want to promote their products and services on the app. You'll get paid for each post you share, depending on how many followers you have, your engagement rate, and the reach of each post.

It also means you need to have enough followers and engagement to be attractive to potential sponsors. With that in mind, if you want to pursue sponsored content, focus on growing your following and increasing your posts' engagement.

Once you partner with brands for sponsored content, it's up to you to be creative and develop exciting ways to show off their products or services. It's also a great way to make money quickly, as you can negotiate payment for each post before it goes live.

TikTok Creator Fund

It's not expected to be available in Canada until later in 2023. But, for now, the Creator Fund is one way TikTokers in the United States, United Kingdom (UK), France, Germany, Spain, and Italy monetize their content.

As this Vlogfluence article explains:

"The TikTok Creator Fund is a $200 million cash fund, growing to $1 billion over the next three years, with the purpose of rewarding creators for creating original, entertaining, and engaging TikTok content.

The TikTok Creator Fund allows regular people to make money through their creativity and ingenuity through TikTok."

Become a TikTok Influencer (Micro)

TikTok Influencer

Another option for monetizing your TikTok account is becoming a micro-influencer. This typically means you have about 50-150 thousand followers on the app (although this number can vary depending on who you ask).

Micro-influencers are attractive to brands because they have smaller audiences that tend to be more engaged than those of more prominent influencers. As a micro-influencer, you'll get paid for creating sponsored content, hosting events, and more.

This can be more affordable for smaller brands with limited budgets to work with micro-influencers rather than those who charge sky-high rates. Brands also like the kind of engagement micro-influencers generate because it leads to greater conversions and sales. 

User Generated Content

A growing trend on the platform is User Generated Content (UGC). This means brands are paying TikTokers to use their products creatively and then share it on their profiles. Brands love this type of content because it shows real people using their product and having a good time with it. Plus, UGC can also be used as a form of advertisement for the company.

If you have an engaging profile, UGC can help you make money on TikTok. You'll need to reach out directly to individual businesses or PR agencies to set up partnerships. Still, if successful, you'll get paid for each post featuring the brand's products.

Sell Your Products

Sell Your Products

If you have products to sell (or if you'd like to create some!), such as t-shirts, novelties, or collectibles, selling on TikTok can be a handy tool for earning money. You don't even need an online store—all you need is an engaging profile and the ability to share product info in a fun and creative way.

For example, you can use TikTok as a platform for promotion by posting pictures of your products or videos that include them. You can also link to your website or your PayPal account, where customers can purchase the items or add links directly to the app so people can buy immediately!

This is ideal for those who want to become entrepreneurs without investing much money into their businesses. Many businesses are turning to TikTok to get creative and stand out from the competition.

Create digital products

Along with physical products, you might also create and sell digital products on TikTok. For example, people may want e-books, courses, audio recordings, templates, or any other digital product.

When selling digital products on TikTok, the key is developing creative ways to market them. Think of fun videos that excitingly showcase your product or use popular music and trends to attract potential customers. As long as you focus on engagement and creativity, there's no limit to what you can do.

Affiliate marketing

Affiliate marketing is a popular way for influencers of all sizes (including micro-influencers) to make money online by promoting the products they love.

When someone clicks on an affiliate link you have shared, they'll be directed to the product page where they can buy it, and you will receive a commission for each successful sale. 

It's important to note this isn't a get-rich-quick scheme—it takes time and effort (and lots of creative posts) to make money through affiliate marketing. But if you're consistent and use your account wisely, it can help supplement your income.

Connect with your other social media accounts (including Instagram)

Connect Your Socials

Some social media platforms make it easier to earn money than others. To capitalize on this, consider linking your TikTok account to your other social media pages, such as Instagram, Snapchat or your YouTube channel. This will allow you to cross-promote your content and reach a broader audience.

Cross-promotion is also an excellent way to increase engagement on your posts since people who follow you on multiple platforms are more likely to engage with them. Plus, it allows you to monetize those accounts by incorporating ads or affiliate links into the content you share.

Bonus Idea: Use Your TikTok Earnings to Invest

While you might not get rich off of TikTok alone, if you're earning a bit of money here and there from the platform, consider using those earnings to grow them into even more money by investing.

Investing some of your earnings is a smart move because you can use the money to buy stocks, mutual funds, and other investments that have the potential to generate more money over time. Plus, you can also invest in yourself and put some of your earnings towards furthering your education or skill set so that you can continue to grow as an influencer.

How to Make More Money on TikTok

Now that we've shared eight ways people make money on TikTok let's move on to sharing some of the most effective strategies for maximizing your earning potential on the app.

Stay Active, Post Consistently and Use Live Streams

This may seem like a no-brainer, but it's worth repeating: you won't make money if you don't post consistently and stay active on the app. So make sure your content is always fresh and engaging for your followers.

If you're finding it challenging to think up content ideas, focus on creating educational or entertaining videos that people can relate to. It doesn't have to be overly glamorous and can be a live stream — casual and authentic content tends to do well on TikTok. Just make sure you're providing value in some way or another!

Choose quality over quantity

While posting frequently can help boost engagement, it doesn't mean you should create low-quality content to keep up with trends. On the contrary, it could hurt your chances of making money in the long run since people are more likely to engage with high-quality posts. However, there is a time and place for raw, authentic, off-the-cuff content, so don't shy away from letting your personality shine through in your videos. It is also essential to stay on the good side of TikTok by being aware of and staying within its terms of service or community guidelines.

Interact with other TikTok accounts as well as other TikTok creators

Engagement is imperative to the success of someone on TikTok—particularly regarding financial success. So make sure you're interacting with your followers as much as possible. This can include responding to comments, liking posts, and reposting content from engaged users (with their permission, of course).

This demonstrates that you value your followers and helps create a sense of community on the app—which is essential for long-term success. It also gives people an incentive to follow and support you, which makes them more likely to purchase products or services from you in the future.

Know how to use TikTok Ads to boost video views

Boost Views

If you want to make money on TikTok using ads, you need to know how to use them effectively. Be aware of the different ad types available and what will work best for your goals. And remember to track the performance of the ad campaigns so you can adjust them accordingly. If done correctly, TikTok Ads can boost your views and engagement—and ultimately help you maximize your profits.

Some best practices for utilizing TikTok advertisements include creating eye-catching visuals, running creative campaigns, and A/B testing your ads to see which ones perform the best.

Use hashtags wisely

Like many other social media platforms, hashtags are essential to TikTok success. The right hashtags can help you get your content in front of more people and attract new followers, which could lead to more sales, views, and overall engagement. So, ensure you are researching the best ones for your niche or industry and using trending ones that could increase engagement.

TikTok also suggests specific hashtags related to the content you're uploading—these can be great to use if they fit your goals and values. However, please don't spam your videos with too many of them, or you risk a lower engagement rate.

Diversify your income streams

Like any other business or job, having multiple income streams is essential to maximize your earning potential on TikTok. Consider taking sponsored posts, selling merch, creating digital products, doing affiliate marketing, and more.

By diversifying your income streams, you can grow your earnings more sustainably. It also helps compensate for potential revenue losses if one of your income sources needs to perform better.

Finally, remember to market yourself!

While creating high-quality content is critical, don't underestimate the power (and importance) of marketing your TikTok account. Ensure you promote your videos across other social media platforms (including Facebook and Instagram)—and that you have a website with links back to them. This can provide an additional avenue for people to find and follow you online, which could lead to more sales in the future.

It would help if you also considered creating an email list and sending regular newsletters or promotional emails. This way, you can keep your followers up-to-date about any new products or services you're offering and send out exclusive deals and discounts.

Remember: TikTok Might Not Be Around Forever

It's wise to remember that while you might be earning money on TikTok today, it's not guaranteed to last forever. So it's wise to have a strategy for diversifying your income sources and creating residual income streams that don't rely on any platform or algorithm.

This improves the likelihood that you can maintain financial success even if TikTok suddenly disappears tomorrow—and it will ensure you're never too dependent on any social media platform.

The key is finding the right balance between monetizing your account and providing value to your followers. If you can do this effectively, you'll be well on your way to maximizing your earning potential on TikTok!

Conclusion: How to Make Money on TikTok

We know it takes work to make money on TikTok, but it is possible. With the right strategies and creativity, you can create multiple streams of income that don't rely entirely on any platform or algorithm.

Overall, it's helpful to remember that most content creators don't earn money overnight. Instead, it takes consistent effort and a focus on quality content to maximize your potential earning power on TikTok. At the same time, it isn't a single approach or platform that helps them reach their financial goals. Instead, it combines cohesive resources and tactics to make money.

So, remember to:

  • Focus on building up your audience and increasing their engagement levels
  • Invest in yourself and your skillset
  • Test out different methods of monetizing your account

If you do all of these things consistently, you can achieve the ultimate goal of creating content that not only helps you make money but also brings joy to those who watch it!

How to Make Money on TikTok: FAQs

Now, let's answer those common questions about making money on TikTok.

How many Views From TikTok Users do you need to make money?

The number of views you need to make money on TikTok will vary depending on how you monetize your account. For example, suppose you're doing sponsored posts. In that case, the amount of money you can earn will likely be determined by your audience's engagement rate and size. However, if you're selling digital products or services, then it will depend more on the number of sales than views.

So there is no definitive answer to this question—but one thing is for sure: having a large and engaged audience certainly helps!

How do you make money with a TikTok Video?

There are many ways to make money on TikTok, some easier than others. These include TikTok's Creator Fund, sponsored posts, merchandise, and affiliate marketing. Do your research to find the best strategies that fit your goals to maximize your earning potential.

In terms of maximizing the revenue you can earn on TikTok, there are ways to do that too. These include optimizing your profile, having a solid bio, creating compelling visuals for ads and campaigns, using the right hashtags to reach more people, and diversifying your income streams.

How much does TikTok pay per 1000 views?

With the TikTok Creator Fund mentioned earlier in this post, content creators can earn between two and four cents per thousand views. So, for a video with one million views, a creator might make between $20 and $40. While this doesn't seem like much at first, it can add up over time if you have a large following and consistently create engaging content.

How much does 1 million views on TikTok pay?

A video with one million views can earn between $20 and $40, depending on the content creator's engagement rate. But, of course, the more people engage with your videos, comment, like, share, etc., your earning potential will be higher.

While one viral video isn't likely to pay for your retirement, an ongoing effort to consistently create engaging content will help you maximize the earning potential of your TikTok account.

Do people get paid for TikTok?

Yes—people can make money on TikTok in many different ways. As mentioned, you can get paid through sponsored posts, selling digital products or services, affiliate marketing, receiving diamonds, and more. You can also earn money through the TikTok Creator Fund if your account meets specific criteria and you live in countries that are supported by the program