With all this worrying about your liability, have you spared a thought for your neighbors?
You, as a host, are making money by having guests stay in your home, while your neighbors get nothing out of it, just increased insurance premiums when your guest damages the common areas and you refuse to pay up. Does that seem remotely fair to anyone?
The law should reflect what is good and just, there's nothing good about protecting yourself and counting your profits while your neighbors pay for damages. If there is nothing in Canadian law to protect residents from unscrupulous hosts who don't do the right thing and pay up, then there should be.