PayPal cracking down on fake accounts
A recent court order issued by the Canadian Revenue Agency (CRA) has request/required that PayPal hands over information for all Canadian PayPal Business accounts whom sent or received payments between January 1, 2014, and November 10, 2017. The information PayPal is required to hand over includes but is not limited to:
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 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
What does this actually mean for modders? For those who aren't aware, a Canadian PayPal account requires the least amount of personal information to create, which in turn, this means that they are the least likely to be limited.
Now that this new court order was issued, this may mean that PayPal may start cracking down on fake accounts. The main reason for the court order is still kind of a mystery but it most likely to do with cracking down on businesses who may be attempting to evade tax laws.
Email sent to account owners effected:
"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.
If you have any questions about this email, please refer to our list of Frequently Asked Questions or contact us through our Help Centre.
Thank you for being a PayPal customer. We’re committed to helping your business get the best online and mobile commerce solutions so you can grow your business and compete in today’s digital economy.
PayPal Canada"
You can read more about the situation here or at https://www.paypal.com/ca/selfhelp/article/cra-information-request-faq3755
