HEADLINES
PHILIPPINE ASIAN NEWS TODAY February 16 - 28, 2018
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Tax Season is Upon Us and That Means the Old Fashioned CRA Scam will be in Full Force
Also a good reminder to
research tax experts if you need help
filing for 2017
Vancouver, BC - Another fiscal
year is behind us as we head into
2018. That means getting your T4s
and other income or expense related
slips all in order so the government
can either get their share or, if you’re
lucky, get a little bit back. BBB’s
Canadian National Top 10 Scams are
being released on February 28th and
one of the usual culprits will be on
the dreaded list: The CRA Income Tax
Scam.
According Canadian Anti-
Fraud Centre stats and BBB Scam
Tracker reports, Canadians continue
to lose money to the CRA scam. Over
5 million was lost in 2017 and that is
likely a very low estimate as it’s widely
understood that only 5% of victims
actually report the crime.
“This one never goes away,” says
Evan Kelly, Senior Communications
Advisor for BBB serving Mainland BC.
“However, we have noticed a new twist
in the years-old scam. Crooks now
call up unsuspecting victims, threaten
them with arrest if they don’t pay their
taxes and then demand payment in
Bitcoin. No government agency in
Canada accepts cryptocurrency as
payment.”
Victims are instructed to go to
the nearest Bitcoin ATM, they are told
how to deposit money or credit card
information and the money is then
transferred out.
“The
problem
with
cryptocurrency
is
it’s
virtually
impossible to track,” adds Kelly.
“Once your money is gone, it’s gone
for good.”
Identify the CRA Scam:
• The CRA does not make
threatening phone calls demanding
payment of taxes.
• If you do receive a call,
employees
typically
introduce
themselves in both official languages
and give their ID number.
• Government agencies do not
accept cryptocurrency as payment.
• The CRA will not solicit for
personal or financial information
over the phone or online. This
time of year we see plenty of fake
CRA emails making the rounds
as well.
• If there is a problem with
your return, the CRA will contact
you via mail.
• If you have any concerns
about your return contact the
CRA directly.
Here are some easy tips to
help make sure you tax time is a
smooth ride.
• Don’t procrastinate. Get
it done. Filing late comes with
financial penalties and who needs
that. The deadline is April 30th,
just so you know. You can start
filing online as early as February
26, 2018.
• Is your return big and complex?
Research tax specialists at BBB.org
for reviews, accreditation status, and
complaints.
• Use an online Tax preparation
app. These have come a long way over
the years in simplifying the process for
consumers. Many offer suggestions
along the way so you don’t miss
anything in terms of deductions.
• Do you have kids? Keep track
of everything you spent on them,
particularly educational, sporting or
health care expenses. Same goes for
any expenses you may have incurred
as a result of your job. You may be
able to claim some of these items.
• Did you move last year?
Believe it or not, you can claim some
of your moving expenses so I hope
you kept all the receipts and used a
BBB Accredited mover.
• Do you work in a union? Yep,
you can claim union dues as well.
And don’t forget about claiming RRSP
contributions!
• Now is a good time to prep
for next year. Create a folder or place
in your home where you can collect
receipts and other tax-related forms.
(bbb.org)
“BASURA NYO,
HAHAKUTIN KO”
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