18:46:15 EDT Sat 18 May 2024
Enter Symbol
or Name
USA
CA



Shopify Inc
Symbol SHOP
Shares Issued 1,197,261,979
Close 2023-06-23 C$ 84.11
Market Cap C$ 100,701,705,054
Recent Sedar Documents

Globe says CRA targets Shopify customers in tax request

2023-06-26 09:29 ET - In the News

The Globe and Mail reports in its Monday edition that the Canada Revenue Agency has set its sights on Shopify customers and is seeking six years of their tax records from the e-commerce company. The Globe's Rachelle Younglai writes that it is the latest headache for Ottawa-based Shopify, which has had to slash jobs, change its compensation structure, and sell its delivery and warehousing operations, in an attempt to get back to its core e-commerce business and improve its ailing stock price. The federal government started the process to obtain the information from Shopify earlier this year, according to a notice of application disclosure dated April 14 on the Federal Court website. It is not known whether the CRA has any evidence that Shopify's customers have not been complying with federal tax laws. Because the CRA is seeking tax information about Shopify's clients from Shopify itself and not directly from the company's customers, it must obtain permission from a judge under the so-called unnamed persons requirement in the Income Tax Act. No order has yet been issued, according to the Federal Court website. One tax expert says the court could rule against the CRA if it thinks it is on "too broad a fishing expedition."

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