CRA cracks down on Paypal business accounts

CRA cracks on PaypalFollowing the Federal Court of Canada decision to order PayPal to provide details about its business account customers to the Canada Revenue Agency (CRA). We have been flooded with enquiries. Appointments are being made for clients to see us as quickly as possible.

The court order requires PayPal to hand over to the CRA information, including names, dates of birth, contact information, SIN numbers and amounts of money received . The period covered is the beginning of 2014 until 10th November.

What can we do for you?

Each case depends on its facts. In many cases, there was a genuine misunderstanding on the part of our clients as to whether, for example, payments from overseas should have been declared. In other cases, upon a review of our client’s situation, we may conclude that problems can be overcome by correctly claiming more deductions. As to the long term, our law firm specialises in legitimate tax and corporate structuring, involving onshore and offshore entities that, although fully compliant with Canadian tax law, will enable taxes to be minimised. There may be some cases in which we recommend that clients avail themselves of the CRA’s Tax Amnesty Scheme. In all cases, we will carefully review how the Federal Court order, obtained by the CRA against PayPal affects you and advise you as to how this order affects you, how you can become compliant in the future and how you can minimise taxes moving forward.

Andrew Rogerson and his team of tax lawyers at the Rogerson Law Group are working additional hours to fit in clients who wish to obtain reassurance and guidance in respect of the PayPal federal court order. Everyone who wishes to see us will be accommodated very quickly.

The Rogerson Law Group headquartered in Bay Street, Toronto, with a branch in Barrie, advises small business owners, High Net Worth (HNWI) and Ultra High Net Worth clients on legitimate tax planning and asset protection using domestic and offshore structures. Andrew Rogerson who was practised in offshore tax havens for many years is a regular lecturer and writer on the subject of asset protection.

Call Rogerson Law Group at (416) 504-2259 for a consultation with a tax lawyer or fill out our consultation form.

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