CANADA REVENUE AGENCY SPAM EMAIL FRAUD

As tax season approaches, we are bombarded with the usual spam emails from “Canada Revenue Agency” that mention special credits or refunds that we can only get if we follow the link listed and submit information online.

The Canada Revenue Agency does not use email to communicate with the public! They communicate through phone, fax and mail but that is about it. Any email that you receive from them is a spam. And the reason that these spams continue to flood our inboxes is because they must work, meaning people must be clicking links that will result in computer viruses. Or worse, filling out personal financing information which will allow a scammer to access personal funds.

Below is one email that apparently came from the Canada Revenue Agency  this week. Even if you did not know that the CRA does not use email, there are other clues imbedded in the text. For instance, would the CRA really address you as Holders? Secondly, you will know what your refund was last year because it will be on your copy of the tax return and on your notice of assessment. You probably would have received your refund a few weeks after filing your return too. If you did not receive the amount suggested in the email, that should be another tip off. As well, the Canada Revenue Agency would never write out a dollar amount as 655,55$. The $ will be in front of the amount and a period, not a comma will always separate the dollars and cents. Another clue is that you will probably not remember ever providing your email address to the CRA. And another is that the link itself does not look like it takes you to the Canada Revenue Agency. I don’t think the CRA owns the domain “susancanhelpme.com.”

So take a look below and see the clues yourself. And next time one of these appear in your inbox, DO NOT click the link and DO NOT provide any financial information. If you are unsure if you have received your refund, you can call the CRA and find out.

DEAR HOLDERS,

After the last annual calculations of your fiscal activity, we have determined that you are eligible to received a tax refund of 655,55$. Please submit the tax refund request and allow us 3-5 days in order to process it.

Click here <http://susancanhelpme.com/lndex.html>  to submit your tax refund request

Note : A refund can be delayed a variety of reasons, for example submitting invalid records or applying after deadline.

Copyright Canada Revenue Agency. All rights reserved. www.cra-arc.gc.ca

GST/HST Implications of the Loss of The Penny

Beginning February 4, 2013 the Canadian Mint will stop distributing pennies. Vendors who accept payment in cash will be forced to round transactions to five cent increments in order to allow for exact payment to be made without the use of the penny. While this change will make all of our wallets a little lighter, it will have some interesting implications.

The government has released rounding guidelines that indicate allowable rounding procedures for the Canadian government to perform for transactions with the public. Most likely, businesses will follow this method too.

For transactions that would result in .01 or .02 cents, the total amount will be rounded down to .00. Amounts due ending in .06 or .07 cents will be rounded down to the .05. For amounts ending in .03 or .04, the total will be rounded up to .05. And for transactions resulting in .08 or .09 the balance will be increased to .10.

An example of this would be a payment due for $23.43. The revised total would be $23.45. And for a payment due of $23.41, the total will be reduced to $23.40.

Payments made by cheque, wire or credit card will still allow other cent increments to be included because there is no cash element in the exchange.

It will be interesting to see how this change will play out in businesses that except multiple forms of payment. For instance, if a man makes a purchase at the convenience store that results in $58.77, the vendor will need to find out the method of payment before accepting it because if the customer pays on credit card, it is acceptable, but if the customer pays in cash then the total will be rounded down to $58.75.

This may prove to become a hassle for shoppers when the individual in front of them in line wants to pay cash, then does not have enough and so the cashier must change the total balance owing in order for the client to make the payment by credit card.

It is possible that store owners will alter the pricing of their goods so that the final price including GST/HST will be an amount ending in .00 or .05 for all goods and/or services.

Businesses will need to be proactive and very shortly address how they will adapt their pricing to accommodate this change.

So as we say goodbye to 2012, it is also time to say goodbye to the once-loved penny.