The Federal Court of Canada has ordered U.S.-based PayPal to hand over details about its business account customers to Canadian tax authorities. The majority have personal accounts, which are unaffected by the court order, the company told CBC News in a statement. PayPal also notes: "This is a one-time disclosure of information to the CRA for Canadian PayPal Business Account holders that sent or received a payment between 2014 and 2017. Hamilton tax lawyer Craig Burley said in an interview that the court order is a watershed moment in Canadian tax circles. "This will almost certainly prove to be the largest CRA information dump that they have ever gotten with this method," Burley said.

Source: CBC News November 15, 2017 16:01 UTC