Tax season is scary enough, but for Canadians who fall victim to the Canada Revenue Agency (CRA) scam, this time of year can be particularly challenging.   

While the CRA scam can strike anytime, it’s particularly active through March and April. Now’s the time Canadians should be extra cautious.

Photo Contributed by Valley First, a division of First West Credit Union

Know the signs and protect yourself 

Scammers, who typically pose as an employee from the CRA, will target victims by phone, email or even text message. Once they’ve made contact, fraudsters will verbally threaten their victims, often invoking consequences as severe as an arrest to pressure them into paying a fabricated debt. 

The good news is that Canadians can easily protect themselves.  

Photo Contributed by Valley First, a division of First West Credit Union

Only check your CRA account or contact the CRA using information from the official CRA website. And be sure to follow the golden rules—never reveal personal information online or over the phone, and never send money to someone you don’t know and haven’t met in person.

As a new twist this year, fraudsters are asking for payment to be made in bitcoin, which is an obvious red flag as the CRA does not accept cryptocurrency as payment.

If you feel you might have been scammed, report it to your financial institution immediately. 

Kevin Haarhoff is the Senior Investigator of Corporate Security at Valley First, a division of First West Credit Union. March is Fraud Prevention Month, to learn more about how to protect yourself visit: https://www.valleyfirst.com/privacy-security/security

Valley First is a premier provider of banking, investment and insurance services for residents and businesses in the Okanagan, Similkameen and Thompson valleys. As a division of First West Credit Union, B.C.'s third-largest credit union with 50 branches throughout the province, Valley First brings innovative products, an extensive branch network and local decision making to the banking experience. For more information on Valley First, visit www.valleyfirst.com.