What's this about?
The sharing economy, made up of companies like Uber, Airbnb, and Autoshare, is growing at a rapid rate. The sector is expected to reach global revenues of $335 billion by 2025.
However, the growth of the sharing economy presents major challenges for regulators. Among the most frequently cited are concerns around consumer protection, fairness for existing industry, and tax compliance.
Our aim is to work with all levels of government to create an approach to the sharing economy that fosters innovation while protecting the interests and safety of Ontarians.
Those jurisdictions that recognize the sharing economy as an opportunity will build regulatory and taxation frameworks that support innovation, while protecting the public interest. They will also be more likely to incubate the new technologies and innovations that will drive growth in the future.
In order for the province to capitalize on this opportunity, the Government of Ontario must:
- Work with all levels of government to harmonize the collection of data and information on the Canadian sharing economy.
- Identify the real versus perceived risks when it comes to protecting and ensuring consumer safety.
- Investigate non-traditional methods of providing employee protections to freelance and independent contractors in the sharing economy.
- Provide flexibility for insurance companies to provide packages that cover the gaps in insurance coverage for car-sharing suppliers.
- Create a new and retroactive approach to regulation, particularly in the transportation and accommodation sectors.