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Be Wary of Investments that Encourage You to Unlock Your Retirement Savings

You may be turning your attention to your RRSP in the next few days as the February 29, 2016 deadline for this year’s contributions draws closer.

When considering an investment, be sure to understand what you are buying and make sure the person selling you the investment is registered.

In the past, we’ve seen retirement savings “unlocking” schemes become popular when people are thinking about investing, or when they are considering their year-end taxes.

Unlocking scams claim to offer immediate access to locked-in retirement savings or income plans – such as RRSPs, RRIFs, or LIRAs – without paying taxes.

Investors are instructed to transfer their retirement savings to a self-directed account, away from the scrutiny of a financial advisor or firm. Once investors have concealed their savings in a private account, they are more vulnerable to fraudulent investments and are exposed to serious tax implications.

If you have any questions regarding retirement savings unlocking scams, or have concerns regarding solicitations for investment services, please contact BCSC Inquiries at 604-899-6854, toll free at 1-800-373-6393, or by email at [email protected]. You can also file a complaint anonymously by using our Report a Scam form.