Breaking news: PayPal has received a court order to share information about its business account owners with
the Canada Revenue Agency (CRA).
The court order applies to any business account owner who received or sent a payment through their account between January 1st 2014 and November 10th 2017
According to PayPal, the court order was received on November 10th and the company will disclose the information with the CRA on December 16th.
That is exactly 45 days from the day they received the court order.
PayPal has also been ordered to share the full name, date of birth, business name, telephone number, full address, email address and social insurance number of Canadian PayPal business account holders.
The company is also required to share the total number and value of transactions sent and received for each calendar year as of January 1st 2017.
"The tax man is coming," says Martin DesRosiers.
DesRosiers, who is the vice president of a Vancouver tech company, says that some businesses might now be on the hook for taxes.
"A lot of people have side hustles and PayPal is their payment processor."
"I'm assuming many don't claim this as an income and that's why the CRA wants to unveil their transactions."
The PayPal notification was sent to business account owners on November 13th.