Hi everyone. I have just heard from my accountant that the Canadian government is cracking down on PayPal and locking client accounts.
She said that if I want to keep using my secondary PayPal account “we will need every document that PayPal is asking for which consists of incorporation documents, credit card statement/CRA documents.” None of these I have as it is a side entity and not my main business. I do pay taxes on the income but it is not a registered company.
She has clients with over $70,000 locked and seemingly irretrievable. PayPal refuses any action without the proper documentation.
Maybe Ebay heard of this and are actually trying to protect sellers? (Well, really, they are protecting themselves, I doubt they are being altruistic). I can’t imagine Canada is the only country doing this.