SHARING ECONOMY WILL DRIVE ECONOMIC GROWTH IF GOVERNMENTS MOVE QUICKLY AND BOLDLY: ONTARIO CHAMBER OF COMMERCE REPORT
(Greater Sudbury, August 25, 2015): In a new report, Harnessing the Power of the Sharing Economy, the Ontario Chamber of Commerce (OCC) has called upon governments to move quickly and boldly to ensure that Canada and Ontario realize the full potential of the sharing economy. The report calls for immediate action to be taken to fill any insurance gaps and ensure tax compliance. If adopted, the recommendations would make Ontario the first jurisdiction in the world to take a comprehensive approach to address the growth of the sharing economy.
Fueled by companies such as Uber, Autoshare, and Airbnb, the sharing economy enables individuals to obtain rides, accommodations, and other goods and services from peers via online platforms.
The report finds that nearly two thirds of Ontarians believe that the growth of companies in the sharing economy is good for Ontario’s economy. It also finds that nearly 40 percent of young Ontarians (18-34) are consumers in the sharing economy.
“The sharing economy is growing at an incredible rate and the opportunity for Canada and Ontario is an important one,” said Allan O’Dette, President & CEO of the Ontario Chamber of Commerce. “Jurisdictions that are building adaptable regulatory and tax frameworks are more likely to produce new technologies that will drive economic growth.”
The report also finds that 1 in 5 Greater Toronto Area (GTA) residents have used the ride-hailing app. Only 1 in 5 Ontarians believe Uber should be banned from operating in the province.
The report calls on governments of all levels to revisit the way they regulate.
“We need a regulatory regime that is able to adapt to changing economic conditions and is responsive to the emergence of new sectors,” added O’Dette. “This kind of regulatory system is fair for both established operators and new market entrants.”
“We want to be a step ahead when it comes to discussions on the sharing economy. We want to use this report as a stepping stone to learn more about the sharing economy and to discuss these issues at the local level,” said Karen Hourtovenko, Chair of the Board, Greater Sudbury Chamber of Commerce.
Harnessing the Power of the Sharing Economy: Next Steps for Ontario is the product of several months of research by the Ontario Chamber of Commerce. The report was informed by the results of a survey conducted by Leger in August 2015.
Read the report here.
Contact, Greater Sudbury Chamber of Commerce:
Joyce Mankarios
Policy and Public Relations Manager
Greater Sudbury Chamber of Commerce
Media Contact, OCC:
Michelle Kelly
Senior Communications Advisor
Ontario Chamber of Commerce
416.482.5222 ext. 2410