Shaelene’s Tax Tip of the Week – January 30th

Why should you consider buying into a
Registered Retirement Savings Plan (RRSP)? 

It is a great way to save on taxes! Remember, this program is a tax deferral program, meaning that when you withdraw the funds at a later date, it is expected that you will be in a lower tax bracket. Once your money is in the plan it can grow and grow (thank you compound interest!) and again, you will only pay tax on the funds as you withdraw them.

Call Books In Line at 905-571-2665 for more details.

Scam Alert

At the beginning of October, one of my clients contacted me after receiving an email from the CRA (Canada Revenue Agency) to find out if it was a scam. It definitely is. In fact, there are a lot of email scams that appear to come from reputable institutions like governments and banks.

People determined to illegally get your money invent new scams all the time that come by email, the telephone, snail mail, and text messages. The fraudulent email above is one of many out there.

Disguised as an organization, long-lost relative or an unmet person who claims to love you, please be wary of any request to send or receive money. Police files and talk shows are full of trusting individuals who have been conned out of thousands of dollars, and quite often that money is gone forever.

Fraudsters will attempt to gain your personal information to access your money, credit or identity.

Beware of any request for your identification numbers like social insurance, credit card, bank account, or passport. These people are clever, and they will make it sound authentic and urgent – even threatening. Plus, they often promise that you will receive a financial reward or return.

When you receive an email like this:

  • Never click on a link in the message.
  • Never call a phone number from within the message to verify authenticity. Always seek and call numbers provided on official statements, like your invoice or tax return, or from official organization websites.

The CRA never sends email requests for information, and they will never send electronic funds (Interac e-transfers). To learn more about identifying fraudulent Canada Revenue Agency attempts, please visit this official website.