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Paypal ordered by CRA to disclose transaction info

Red Squirrel

Red Squirrel

No Lifer
Well this sucks (if it's true... hard to know if paypal emails are real or not given all the scams)

We’re writing to notify you that we have received a Federal Court order requiring us to disclose information to the Canada Revenue Agency (CRA) about PayPal Business account holders who sent or received a payment between January 1, 2014, and November 10, 2017. To comply with the order, PayPal Canada will make a disclosure to the CRA within 45 days of the date of the order.
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Looks like CRA wants to start taxing paypal transactions, or at least that seems like that is most likely the motive for them wanting this info. Why can't they go after all the big corporations that have tax havens instead of going after individuals making small transactions, pisses me off.
 
Red Squirrel said:
Well this sucks (if it's true... hard to know if paypal emails are real or not given all the scams)



Looks like CRA wants to start taxing paypal transactions, or at least that seems like that is most likely the motive for them wanting this info. Why can't they go after all the big corporations that have tax havens instead of going after individuals making small transactions, pisses me off.
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What does this mean for me?

I never reported any payments sent or received on paypal ever, they never went over 1000-2000 in received sent anyways.

Will I be contacted regarding my history?

Or is this just for future plans.
 
revern said:
What does this mean for me?

I never reported any payments sent or received on paypal ever, they never went over 1000-2000 in received sent anyways.

Will I be contacted regarding my history?

Or is this just for future plans.
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That's what I wonder too. I hope they don't do retro. Was never told I had to (or how to) report anything so why would I. If they want more money from me then the least they can do is automate it, why should I be the one that does the work.

I think this will probably be a "from now on" thing though. At this point they are just disclosing that they have to share our info to them so it's more of a courtesy on their part as they don't have to even tell us anything.
 
Red Squirrel said:
Well this sucks (if it's true... hard to know if paypal emails are real or not given all the scams)



Looks like CRA wants to start taxing paypal transactions, or at least that seems like that is most likely the motive for them wanting this info. Why can't they go after all the big corporations that have tax havens instead of going after individuals making small transactions, pisses me off.
Click to expand...
PayPal has received a Federal Court order, which requires us to disclose information to the Canada Revenue Agency (CRA) about PayPal Business account holders that have received or sent a payment through their account between January 1, 2014 and November 10, 2017.


What information has PayPal been ordered to share with the CRA?
The court order requires PayPal to disclose the following information to the CRA about PayPal business account holders who received or sent a payment between January 1, 2014 and November 10, 2017: •The full name of every individual or corporation holding a business account that has a Canadian address;
•The date of birth of each individual holding a business account;
•The business name, if applicable;
•The telephone number(s) of the corporation or individual holding the business account, if available;
•The full address(es) of the corporation or individual holding the business account;
•The email address of the corporation or individual holding the business account;
•The Social Insurance Number and/or Business Number of the corporation or individual holding the Business Account, if available.
The following information on transactions made by the account holder: •The total number and value of received transactions for each calendar year between January 1, 2014 and November 10, 2017.
•The total number and value of sent transactions for each calendar year between January 1, 2014 and November 10, 2017.
When must PayPal release this information to the CRA?
PayPal has to disclose the information to the CRA within 45 days from November 10, 2017, the day the court order was issued. Affected account holders have been notified.

Will PayPal hand over my data to the CRA?
We are required to disclose information about business account holders who have received or sent a payment between January 1, 2014 and November 10, 2017. Affected account holders have been notified.

I have a PayPal account, how can I check if I have a personal or business account?
Log in to your PayPal account and select the Accounts tab. If you see an “Upgrade to a Business account” under Account Options, then you have a personal account.

I closed my PayPal account, does this mean my information must still be sent to the CRA?
If you sent or received a transaction from a PayPal business account any time between January 1, 2014 and November 10, 2017, we are required to disclose your information to the CRA.

What should affected account holders do now?
We encourage affected business account holders to file their taxes as appropriate.

If you have any specific questions about your tax returns for any calendar year, we encourage you to contact your professional advisor or the CRA directly. Contact information for the CRA can be found on the CRA website.

Do I need to do anything with my PayPal account?
No. You don’t need to do anything with your PayPal account.

Can I still access my PayPal account?
Yes. You can access your PayPal account as you normally do.

Can I still contact the CRA to file my tax returns?
As part of their regular obligations, PayPal business account holders are required to file their taxes as appropriate. Details on how to file your income tax returns can be found on the CRA website. The CRA has a Voluntary Disclosure Program that provides an opportunity to change a tax return you previously filed or to file a return that you should have filed. Contact your professional advisor. You can find more information about this on the CRA website. Please note that the Voluntary Disclosure Program will be changing on January 1, 2018. More information about the new program can be found on the CRA website.

Why does PayPal retain my transaction data?
As described in our Privacy Policy, we collect and use your information in order to provide services to you, and to help ensure the PayPal community is as safe and secure as possible. We are also required by law to retain transactional records for a certain period of time.

Where can I view my historical transactions in my account?
You can log in to your PayPal business account and select the Reports tab to view your transaction data. Please note that we must disclose to the CRA only the total number and value of payments sent and received.

Are other companies receiving similar orders to disclose customer information?
The CRA regularly seeks court orders as part of its mandate under the Income Tax Act and the Excise Tax Act to compel organizations to disclose information related to an individual or business for tax reporting purposes.
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"We encourage affected business account holders to file their taxes as appropriate."

Wonder what that even means, like what am I suppose to do? If they want to tax my transactions that badly then it should be automated, like it should be an entry on the T4 form or something. I hardly do any Paypal transactions other than the odd Ebay purchase and the odd donation that comes through on my website. I might have to just remove the donate buttons. More hassle than it's worth for the little money that comes in. Would probably end up costing me more than what I make from it.
 
I hate to say this, but this is what happens from a progressive philosophy of government that is Canada. Trickle all that shit up and like it!
 
The real piss off is that they allow the megacorporations to have offshore accounts and do everything they can to evade taxes, but they always go after the little guy.

That's the same with all governments though, the US is just as bad, if worse.
 
Red Squirrel said:
"We encourage affected business account holders to file their taxes as appropriate."

Wonder what that even means, like what am I suppose to do? If they want to tax my transactions that badly then it should be automated, like it should be an entry on the T4 form or something. I hardly do any Paypal transactions other than the odd Ebay purchase and the odd donation that comes through on my website. I might have to just remove the donate buttons. More hassle than it's worth for the little money that comes in. Would probably end up costing me more than what I make from it.
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Even if true, this impacts business account holders, the big sellers, not buyers.
 
I'm not an expert in Canada's tax compliance, but there is a reason this doesn't exist in the US... Because it's ultimately fucking stupid. There are way bigger dogs to chase than random eBayers that sell an occasional item.
 
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