Rideshare drivers of Kitchener, meet RideCo. Kitchener/Waterloo’s Uber alternative.
Now there is an alternative to Uber in Kitchener. If you’re an Uber driver you may want see if you meet RideCo driver and vehicle requirements and earn some extra money.
With Uber dominating the rideshare market, you have to be pretty brave to go head to head with the international rideshare giant. In the Kitchener-Waterloo region, a company has done just that.
RideCo is a rideshare company that connects passengers and drivers in an application for your smartphone. RideCo has also done pilot projects offering vans from Liberty Village to various Toronto hotspots and short-run trips connecting transit users in Milton to Go stations.
Looking for other rideshare options in your city? Head over to our Choose Your City page to find out what rideshare apps are available. Learn how to get signed up in no time!
Uber vs RideCo
RideCo boasts they offer a lower cost alternative to Uber Kitchener. They provide a service like UberPool where you pick up multiple passengers heading in the same direction. This is what makes their prices more competitive with Uber. For drivers, you are on longer trips which means more money for you.
Rates
RideCo offers a higher minimum fare than Uber but per kilometre and per minute the pay is a little bit less.
Long Pick-ups
Unlike Uber, RideCo pays you for long pickups. Typically rideshare companies ping you with a ride and you don’t get paid until you get to the passenger and start the fare. With
Driver Downtime
When waiting for a ride request (aka ping) you are losing money. By having two rideshare platforms running at once, you increase your chances of getting a ping. RideCO doesn’t prohibit you from driving with other rideshare companies. In fact, drivers working with both platforms earn more money than they would with just Uber.
*Credit to RideCo. https://www.rideco.com/drivers/drive-with-us
The Standby Fee
Another way to make more money than Uber and all you have to do is go online and wait. You will get a notification to go online either in your current location or to move to another location and wait at least 15 minutes or until you receive a fare.
The standby rate is $0.30/min which works out to be $18 an hour! Not only that, you will make more money because you won’t be burning gas or adding mileage on your car.
Referral Bonuses
Like most rideshare companies, they offer an incentive if you refer other drivers. If you refer a driver to RideCo you will receive a $100 bonus once they have completed 50 trips.
Coverage Area
RideCo operates in the Kitchener-Waterloo region. The coverage area for the app starts west at Wilmot Line and extends east to Fountain St N and stretches south from the 401 north to Village of St. Jacobs.
Requirements & Steps to Apply
To start the application process, start by visiting their website and complete the online questionnaire.
The basic requirements are:
- Must have a G license for at least 2 years.
- 21 years old and older
- 4 door vehicle
- Good Driving Record with no more than 5 demerit points
- No major infractions or suspensions over the last 3 years
- Must pass a back ground check
- Able to work legally in Canada
You will need photos of the following documents:
- Valid Ontario Drivers Licence
- Proof of Work Eligibility (SIN card, Passport, etc.)
- Vehicle Ownership Slip
- Vehicle Insurance Slip
- Banking Information (Void Cheque or Direct Deposit Form)
Vehicle Inspection
You will need a vehicle inspection if your vehicle is older than 3 years old.
- If your vehicle is between 3-10 years old, the Safety Certificate must be no more than 1 year old.
- If your car is older than 10 years, your Safety Certificate must be less than 6 months old.
Insurance
You will need to provide proof of your own insurance but RideCo does offer coverage while you are logged into the app. All the rides with RideCo are insured with a commercial ridesharing insurance policy. This coverage meets the legal requirements for rideshare with $2,000,000 in liability insurance coverage.
For more detailed information on coverage and for the most recent insurance certificate you can downloadthe policy. If you want to learn more information about insurance coverage for RideCo drivers, Northbridge is the provider and offers a closer look at how it all works on their website.
Phone requirements
One of the downsides is that the platform isn’t available on Iphone. This means that you (sort of) have to rent the phone from RideCo. The cost is $200 which is deducted from your pay ($50/week) over 4 weeks. They will give you all the money back if you decide to leave the platform as long as the phone is still in good working condition.
You can use your own Android device if it’s no more than 3 years old but the team at
How do Taxes Work?
Whether you are driving with Uber Kitchener or RideCo, there are some things you should know about being your own boss. As an independent contractor (no, you’re not an employee) you will have to remit your own deductions. As an employee of a business, your employer would typically do this by subtracting it from your pay.
The taxes you will have to
Mileage
You’re going to want to keep track of your mileage too. This is so you know how many kilometres you are driving for RideCo and how many for personal use. You can try an app like MileIQto help you out!
Let’s say you drive 10,000 kms in one year and of that number you drove 5,000 kms while doing RideCo. That means you can deduct 50% of your vehicle expenses to lower your taxable income.
HST
HST will also be charged to the customer and passed on to you. That means that you will need keep it to pay the government. You will need to get an HST number from the CRA in order to remit the 13%.
If you want to drive for Uber Kitchener, check out our comprehensive guide on Uber driver & vehicle requirements for Kitchener or a city near you!
If you’re currently a RideCO driver share your experience below!
