Entrepreneurship & Small Business

Paypal to release business data to CRA starting with 2014

  • Last Updated:
  • Nov 29th, 2017 7:37 pm
[OP]
Sr. Member
Aug 5, 2008
663 posts
171 upvotes

Paypal to release business data to CRA starting with 2014

Probably something they should have started long ago. Buckle up if you hadn't declared your PayPal 'hobby' income.

https://www.paypal.com/ca/selfhelp/arti ... st-faq3755
There are 10 kinds of people in the world... Those who understand binary and those who don't 💡
9 replies
Newbie
Sep 6, 2011
2 posts
If I understand if I have a personal account i’m Ok? But after how much transactions they change my account for a business one?
[OP]
Sr. Member
Aug 5, 2008
663 posts
171 upvotes
jonkiller wrote:
Nov 13th, 2017 6:08 pm
If I understand if I have a personal account i’m Ok? But after how much transactions they change my account for a business one?
It's in the article. It seems you are OK, but I would expect CRA to go after individual data as well.

every individual or corporation holding a business account

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.
There are 10 kinds of people in the world... Those who understand binary and those who don't 💡
Newbie
Feb 27, 2015
87 posts
39 upvotes
Newcastle, ON
Haven't they been getting ebay data for years now? Or now they're targeting small businesses using Paypal?
Newbie
Jul 19, 2010
20 posts
7 upvotes
There are rules about selling personal items - garage sale-type income, online sales of personal items - and when you need to claim them as income. I imagine the main purpose of this is to go after undeclared corporate income, and probably some FINTRAC-related information for laundering or cross-border transactions.

I imagine they'll be going trying to figure out how to go after bitcoin transactions soon, for similar reasons.
Jr. Member
Dec 7, 2016
103 posts
34 upvotes
I'm glad I've been honest with my paypal income, I dont trust the govt. to not come after the little guy.
Newbie
Jun 5, 2013
83 posts
44 upvotes
Ottawa
does this effect a IPTV re-seller? not business but using personal account...
[OP]
Sr. Member
Aug 5, 2008
663 posts
171 upvotes
braveheart3112 wrote:
Nov 24th, 2017 1:48 pm
does this effect a IPTV re-seller? not business but using personal account...
they are not going after personal accounts used for business, but I would expect them to in the future. You are using it for business (and not declaring the business income).
There are 10 kinds of people in the world... Those who understand binary and those who don't 💡
Deal Addict
User avatar
Dec 10, 2004
4503 posts
641 upvotes
Thornhill
I thought they've been doing it all along. All merchants do that usually. I think a lot of Ebay sellers thought they can can scam the government and were selling there without reporting to the government. A lot of tax scammers there who don't charge taxes or charge taxes yet refuse(they can't by law) yet don't show their tax number. In the past, a few times, I've gotten a few things "tax free" because I'd ask for tax information and they wouldn't give...

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