How can I protect myself from these types of schemes?

Canadians should beware of arrangements promoted to them that sound too good to be true. Claims that you can:

  • withdraw money from your RRSP without paying tax
  • invest your RRSP to earn rates of return that greatly exceed current market rates
  • receive non-taxable income from an offshore source

These claims will, in most circumstances, be found to be false.

Except for those individuals who are very familiar with the securities market, we advise you to discuss your investment choices in your RRSP with an independent third party, such as a lawyer or an accountant.

Always be very cautious of offers that seek to use your existing RRSP for a such an investment product.

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