Recently, the perovskite BiCoO$_3$ has been shown experimentally to be isostructural with PbTiO$_3$, while simultaneously the $d^6$ Co$^{3+}$ ion has a high spin ground state with $C$-type antiferromagnetic ordering. Using hybrid density functional calculations, we investigate the atomic, electronic and magnetic structure of BiCoO$_3$ to elucidate the origin of the multiferroic state. To begin with, we perform a qualitative trend sudy of the role of $d$ electrons in affecting the tendency for perovskite materials to exhibit a ferroelectric distortion; this work initially explores a qualitative trend study in artificial cubic and tetragonal LaBO$_3$ perovskites. We choose La as the A-cation so as to remove the effects of Bi $6s$ hybridization. Through first-principles calculations of the LaBO$_3$ series, where B is a $d^0 - d^8$ cation from the $3d$-block, the trend study reveals that increasing the $d$ orbital occupation initially removes the tendency for a polar distortion, as expected. However, for high spin $d^5-d^7$ and $d^8$ cations a strong ferroelectric instability is recovered. We explained this effect in terms of the pseudo Jahn-Teller theory for ferroelectricity. It is shown that, in some cases, unpaired electron spins actually drive ferroelectricity, rather than inhibit it, which represents a shift in the understanding of how ferroelectricity and magnetism interact in perovskite oxides. It follows, that for the case of BiCoO$_3$, the Co$^{3+}$ ion plays a major role in the ferroelectric lattice instability. Importantly, the ferroelectric polarization is greatly enhanced when the Co$^{3+}$ ion is in the high spin state, when compared to the nonmagnetic, low spin state, and a large coupling of the electrical and magnetic polarization is present. Importantly, it is demonstrated that the ground spin state is switched by reducing the internal ferroelectric polarization.