Bitcoins aren’t used as forms of payment to the Canadian Revenue Agency — or any other government organization in Canada, the BBB warned this week.
The Better Business Bureau issued its plea to taxpayers as the filing season ramps up and the ongoing scams plaguing the CRA continue.
The latest swindle sees thieves — identifying themselves as CRA reps — calling residents and threatening them with arrest if their outstanding taxes aren’t paid in the cryptocurrency.
The unsuspecting victims are told to go to the nearest Bitcoin machine and deposit their money or credit card details; the funds are then transferred out.
“The problem with cryptocurrency is it's virtually impossible to track," said Evan Kelly, senior communications advisor for the Lower Mainland, in a news release. "Once your money is gone, it's gone for good."
Last year, more than $5 million was lost in CRA schemes, notes the Canadian Anti-Fraud Centre and BBB; however, that sum is believed to be much higher as only 5% of victims report scams to police.
To avoid CRA fraudsters, BBB recommends you file your income tax forms between Feb. 26 and April 30.
For tax preparation purposes, it also suggests you research accredited tax specialists via BBB.org if you have a large return, or use a tax software program; keep track of educational, sporting and healthcare expenses for kids, or costs incurred from a job; tuck away receipts for moving expenses; claim union dues and RRSP contributions; and create a folder for next year’s receipts and other tax-related forms.
jcleugh@tricitynews.com
