PayPal Canada has been ordered by the federal court to reveal the payments details of anyone using a business account to the CRA (Canadian Revenue Agency) in a recent decision.
Under the ruling, affected PayPal users will have several pieces of information disclosed to the CRA: their full name, date of birth, business name, phone number, address, email address, and Social Insurance Number and/or Business Number. Users will also have the total number and value of received and sent transactions between Jan. 1, 2014 and Nov. 10, 2017 disclosed.
A PayPal Canada statement said: “We received a Federal Court order which requires us to disclose information to the Canada Revenue Agency (CRA) about PayPal Business Account holders that sent or received a payment between January 1, 2014 and November 10, 2017.”
“We have informed affected customers and they can contact us if they have any queries. We have also shared information on our Help Centre to help them understand our reporting obligations. PayPal business account customers are responsible for making sure they file taxes with the CRA as applicable to their business.”
How will this affect you? Only people with registered PayPal Canada business accounts are seemingly involved and if you’re paying your way there, there’s little to worry about.
But it is interesting how regulatory bodies, specifically tax authorities around the world, are gradually getting to grips with ecommerce and this is the latest move to make sure governments are getting their share.
Do you think you will be affected by this new measure?
