On March 30, 2017 Square Canada Inc. sent a message to its affected users noting that they would be providing certain pieces of information to CRA pursuant to a Federal Court Order. The Company provides Square Reader, a popular small square-shaped tool that connects to the headset jack of a mobile device in order to collect payment via credit card.
The Order requires the following information in regards to sellers that have processed more than $20,000 during any of the calendar years 2012-2015, or January 1, 2016 through April 30, 2016:
- The names and addresses associated with the account.
- The associated financial institutions, transit numbers, and account numbers.
- The number of Square Readers and Stands linked to the account.
- The total monthly aggregate of transactional information between the seller and the customer.
- The number of employee permissions granted through employee/location management functionality.
For further information see Video Tax News Monthly Tax Update Newsletter, Issue No. 429