Yes, but you are not required to show ID. Note subsection 4.

Section 218 of the highway traffic act

218. (1) A police officer who finds any person contravening this Act or any municipal by-law regulating traffic while in charge of a bicycle may require that person to stop and to provide identification of himself or herself. R.S.O. 1990, c. H.8, s. 218 (1).

(2) Every person who is required to stop, by a police officer acting under subsection (1), shall stop and identify himself or herself to the police officer. R.S.O. 1990, c. H.8, s. 218 (2).

(3) For the purposes of this section, giving one's correct name and address is sufficient identification. R.S.O. 1990, c. H.8, s. 218 (3).

(4) A police officer may arrest without warrant any person who does not comply with subsection (2). R.S.O. 1990, c. H.8, s. 218 (4).

You might argue that if you're not contravening the act you don't, but if you take that tack, remind the police officer that you pay his salary.