Why Shopify stock is down today: Canadian court order keeps CRA data fight in focus
Shopify shares dropped 1.8% to $158.08 after a Canadian appeals court ordered the company to retain merchant data sought by the Canada Revenue Agency in a tax compliance case. The CRA has requested six years of records, while Shopify typically deletes data from inactive accounts after two years. Investors also tracked broader software sector sentiment ahead of key U.S. economic reports.