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Pension Scam

This scam promotes investment seminars offering you an opportunity to, "maximize tax flow”, or, "pay less tax".

How it works

The seminar is likely promoting an investment with some kind of tax break or shelter. But tax breaks that sound too good to be true often are. In some cases, investors are audited years later and find out that they could be assessed for additional taxes, interest, or penalties by the Canada Revenue Agency (CRA).

How to protect yourself

  • If you’re approached about a tax shelter, get a second opinion from an independent and qualified tax expert such as a chartered accountant or tax lawyer. Visit https://www.cra-arc.gc.ca/ for more information.
  • If you’re being pitched an investment, check that the individual and firm selling the investment are registered in New Brunswick. Use the National Registration Search Tool.
  • Get as much written information as possible about the investment. It should include detail about the risks and costs of the investment, and what you have to do to get your money out.

How to report it

If you suspect you’re a victim of a pension scam, or attempted pension scam, complete the FCNB Submit a Complaint form.

FCNB administers and enforces legislation in the mortgage brokers, payday lenders, real estate, securities, insurance, pensions, credit unions, trust and loan companies, cooperatives, and a wide range of other consumer legislation. If your complaint relates to an area outside of FCNB’s regulated areas, we may refer you to the appropriate reporting agency or organization.