SHARING ECONOMY WILL DRIVE ECONOMIC GROWTH IF GOVERNMENTS MOVE QUICKLY AND BOLDLY: ONTARIO CHAMBER OF COMMERCE REPORT

Hamilton, AUGUST 25, 2015: In a new report, Harnessing the Power of the Sharing Economy, the Ontario Chamber of Commerce (OCC), in partnership with the Hamilton Chamber of Commerce have 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,” said Keanin Loomis, President & CEO, Hamilton Chamber of Commerce. “This kind of regulatory system is fair for both established operators and new market entrants.” added Loomis.

The Report: Harnessing the power of the Sharing Economy – August 2015 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. You can find the full survey results here: Sharing Economy Leger Survey Data Set – August 2015

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Established in 1845, the Hamilton Chamber of Commerce is the definitive “Voice of Hamilton Business”. Representing over 1000 members and 75,000 employees, it champions the interests of free enterprise by effectively engaging business, community, and government leaders in the promotion of the long-term economic prosperity of our region.

Media Contact, Hamilton Chamber of Commerce:

Huzaifa Saeed

Policy & Research Analyst, Hamilton Chamber of Commerce

T: 905-522-1151 ext: 230 | C: 905-220-3030 | E: h.saeed@hamiltonchamber.ca

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Media Contact, OCC:

Michelle Kelly

Senior Communications Advisor

Ontario Chamber of Commerce

1. michellekelly@occ.ca
2. 416.482.5222 ext. 2410

 

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