Protecting Your Finances From Fraud During Tax Season

Canada Tax Season Fraud Awareness

In this article:

As tax season nears, Canadians are navigating the complexities of filing their income tax and benefit returns. The economic strain caused by the prolonged inflation following the COVID-19 pandemic adds to the challenge. Amidst this, Global News warns that the Canada Revenue Agency (CRA) is seeing fraudsters upping their game, making it crucial for taxpayers to stay vigilant.

Sophisticated Scams and Text Message Alerts

Scammers are no longer easily detectable due to grammar or spelling errors alone. They are now crafting convincing messages related to tax refunds or outstanding balances. Recently, the Canadian Anti-Fraud Centre issued an alert about fraudulent text messages claiming to be from the CRA. These messages include victims’ full names and social insurance numbers, urging payments to specified phone numbers.

Be Skeptical and Stay Informed

Here’s what you need to do to protect yourself:

  1. Question Everything: Be skeptical of any communication claiming to be from the CRA. If it seems too good to be true, it probably is. Avoid clicking on suspicious links or sharing sensitive information.
  2. Tax Schemes: Watch out for “tax schemes” promising reduced taxes or tax-free income. These often appear in sales pitches or social media advertisements. Scammers are relentless in their pursuit.
  3. CRA Scam Alert Page: Luminus Financial recommends visiting the CRA’s special scam alert page on their website. Stay informed about the latest scams and how to avoid them.
  4. Verification: If you receive a call from the CRA, hang up and verify the information by calling the number listed on the official CRA website. Don’t fall victim to impostors.

Luminus Financial’s Support

At Luminus Financial, we understand the importance of safeguarding your personal and financial information. Here’s how we can assist you:

  1. Direct Deposit: Sign up for direct deposit or update your direct deposit information with the CRA through your online banking portal. This ensures faster payment processing and minimizes delays.
  2. Resources: If you have a modest income and a straightforward tax situation, consider seeking help at a free tax clinic through the Community Volunteer Income Tax Program. We’re here to guide you.

Remember, protecting your financial well-being during tax season is a shared responsibility. Stay informed, stay cautious, and rely on trusted sources like Luminus Financial and the official CRA website. If you encounter any issues, reach out to us – we’re here to support you.

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