8.4.5 Fraud prevention

From: Financial Consumer Agency of Canada

Beware of the potential for fraud whenever you talk to others about your money or your taxes.

  • Some advisors may offer to invest your money in tax-free schemes, or to move your money from a Registered Retirement Savings Plan (RRSP) or Tax-Free Savings Account (TFSA) to their own investments. Before you invest, ensure that your advisor is registered with your local securities regulator and that the investment has proper documents.
  • Some scammers pretend to be tax-deductible charities to ask for your donations. Go to Canada Revenue Agency (CRA) to check the Charities Listings.
  • Some scammers send phony emails (phishing) claiming to be from the tax agency. The emails may look similar to genuine ones, but they ask you to click a web link that will take you to a site that gathers your personal information. The CRA does not request any personal information by email or by answering machine.

For details about tax frauds and how to avoid them, go to Canada Revenue Agency's information on Security. For more information and tips, see the module titled Fraud protection.

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