Tax Tip Thursday

I want to talk about a few scams that are going around and TFSAs

I heard a vicious rumor recently.

Wondering if you might be eligible for that seemingly “new” $2,000 government payment in Canada circulating online? Well, (spoiler) no one is — because it doesn’t exist.

Some other ones to be aware of…

The government has warned Canadians about disinformation spreading online about a supposed a new $680 one-time payment, which doesn’t exist.

Disinformation online and messages circulating claim Canadians can an apply for a new Grocery Rebate.

Canadians are also warned about scams involving the Home Accessibility tax credit, Disability tax credit, Multi-generational home renovation tax credit and the Old Age Security pension.

“Programs involving direct payments or refunds are especially vulnerable to scams and misinformation, often leading to confusion about eligibility and payment amounts,” Cléry said.

The CRA has a tips to recognize scams page for examples of other benefits and tax related scams, as well as reminders that the CRA will never send refunds or payments by e-transfer or text message, or provide or accept payments by cryptocurrencies.

It is recommended to check official government websites for accurate information on government benefit payments.

Click here for more information on online disinformation.

TFSA

On a separate subject – I wanted to quickly highlight the TFSA over contribution rules about over-contributions and penalties.

The 2026 limit is $7k

The CRA has announced stricter rules for 2025, but there is still a little time left to make changes if you need to.

The CRA has intensified monitoring of the TFSA accounts in 2025 and is issuing more penalties.

The CRA has more access than ever is and can detect over contributions more quickly.

If you find yourself in  a position where you have over contributed, what can you do?

1. Withdraw the excess immediately
2. Contact your financial  institution
3. Communicate with the CRA
4. Make sure you keep very accurate records of the withdrawals

If you are unsure about a CRA call you received, come speak to us! Make An Appointment today!

Disclaimer:

This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal or tax advice nor can it or should it be relied upon. All tax situations are specific to each individual. If you have specific tax questions you should book an appointment for a 1 on 1 consultation.