The Competition Bureau of Canada has released a report indicating that data portability could save Canadians between $1.1 billion and $3.8 billion annually. This potential saving arises from the ability to easily switch between service providers, particularly in the insurance sector.

The report, titled 'Your Data, Your Control: How data portability can unlock competition and empower consumers,' emphasizes the importance of a data portability framework. It outlines how such a framework could enhance consumer trust, ensure strong privacy protections, and facilitate interoperability among digital platforms.

Key recommendations for policymakers include learning from successful data portability initiatives in other countries, such as the UK's open banking and Australia's Consumer Data Right. The Bureau aims to promote data portability to empower consumers and enhance competition across various sectors, including banking and healthcare.