Tax Fraud Alert: Profiling Plays a Major Role in Choice of Victims
Toronto Tax Lawyer Identifies Five Tax Victim Traits
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 02/24/15 -- According to Toronto Tax Lawyer, , tax fraud promoters are very specific in choosing their prey. With many Canadians preparing and filing tax returns over the next few months, promoters know that potential victims are looking for big deductions to ease their tax burden.
"With only one week until the RRSP deadline, it's the prime time for promoters to reel in victims promoting big tax refunds or deductions. They do this through claiming to invest in research, tax shelters, or tax free withdrawals from RRSPs or RRIFs," said Gerb, a tax lawyer with (DSF.) "In time, the investments turn out to be false and victims end up losing the amount invested, having to repay tax refunds and facing up to 50% penalties plus interest because of their participation in the fraudulent tax schemes."
In an effort to save Canadians from falling prey to these tax frauds, Gerb has identified five common traits of a typical victim based on his experience helping people through the CRA's top 5 tax frauds. If you or a loved one falls into one or more of these categories, Gerb recommends additional caution with any investments, business arrangements or tax deductions.
Typical Traits of Tax Fraud Victims
"Despite how quickly positive word spreads about the investment, information about consequences and fraud travels slowly. This is simply because victims are embarrassed to come forward and the tax fraud promoters count on that to make a clean getaway," added Gerb.
If you or someone you know fits into the typical tax fraud victim profile, Gerb recommends extreme caution in any of your investment dealings and adds when an investment gives you significant up-front tax refunds or the tax savings create above average consistent or guaranteed returns, it's probably too good to be true.
About Devry Smith Frank LLP ():
Devry Smith Frank LLP (DSF) is Toronto's largest law firm outside of the downtown core. Since 1964, DSF has been a trusted advisor and advocate for corporations, individuals and small businesses. DSF is a dedicated group of over 50 lawyers, offering a broad range of legal services to our individual, business and corporate clients. We are driven by delivering value to our clients in all that we do. DSF's clients are corporations, institutions and individuals who come from all industries and walks of life including: insurance companies, banks, amusement park designers, printers, doctors, dentists, plumbers, lawyers, assembly line workers, photographers, and many, many more.
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Datum: 24.02.2015 - 15:00 Uhr
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