The Canada Revenue Agency (CRA) has asked PayPal to disclose some of the information regarding the business account holders of its online financial trading platform in order to ensure that all Canadian businesses are filing an accurate tax return. This request, by order of the Federal Court, requires PayPal to provide the full name, date of birth and social insurance number or business number of any individual or company with a Business Account with an address in Canada.
As of November 10, 2017, Paypal has 45 days to provide the requested data for all accounts that made or received a payment between January 1, 2014, and November 10, 2017. It must also provide the number and total value of transactions for each year included in the request.
Affected account holders should already have been notified. If you haven’t, please check your junk emails. Paypal reminds business account holders are required, as part of their usual duties, to file their tax return.