PayPal ordered to disclose Canadian business account information to CRA

CALGARY — Online payments company PayPal has been ordered to hand over information about its Canadian business account holders to the Canada Revenue Agency.PayPal says on its website it has been served with a Federal Court order to disclose information within 45 days to the Canadian tax-collecting agency identifying account holders and describing the amount and number of payments sent or received between Jan. 1, 2014, and last Friday.CRA spokesman Patrick Samson says the agency has requested the information to ensure that these individuals and corporations comply with their tax obligations under the Income Tax Act.Big tech, not fintech, the top threat to incumbent banks, McKinsey report saysBitcoin passes Amex and PayPal in value amid climb above US$100 billionHe says it’s part of a stepped up campaign to use third-party data to detect unreported economic activity and identify individuals and businesses that do not file tax returns.PayPal says it has notified the account holders, adding the order applies even if the business account has been closed.It’s advising users to ensure they have filed their tax returns as appropriate, pointing out that the CRA has a voluntary disclosure program that allows a filer to adjust a tax return he or she has already filed.

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