Forgotten Dollars Part 13

Final Reminders to Protect Your Money

Hi there, Welcome back to “Your Canadian Senior Moment”!

This is the final instalment of our series on overlooked benefits. We’ve covered everything from government pensions to provincial programs, and today we’re wrapping it all up with two of the most important lessons for your financial well-being: why you should always file your taxes, and how to protect your money from scams.

Always File Your Taxes (Even If You Have No Income)

Filing your tax return can feel like a chore, but it is one of the most important things you can do to ensure you get all the benefits you are entitled to. Many seniors with low or no income mistakenly believe they don’t need to file a tax return. But this is a big mistake that could be costing you money.

The Gateway to Benefits: Many government programs, including the Guaranteed Income Supplement (GIS) and the Canadian Dental Care Plan (CDCP), are based on your income tax return. If you don’t file, the government doesn’t know what your income is and can’t send you the benefits you are eligible for.
Access to Credits: Filing your taxes is the only way to get access to valuable tax credits, like The Age Amount and the Home Accessibility Tax Credit, that we talked about earlier in this series.

Protecting Your Money from Scams

The sad truth is that seniors are often the target of financial fraud and scams. In Canada, millions of dollars are lost every year to fraudsters. Being vigilant is the best way to protect your money.

The CRA Scam: This is one of the most common scams. A fraudster will call you, claiming to be from the CRA, and demand immediate payment for back taxes. They may even threaten you with jail time. The CRA will never do this. The CRA will only contact you by mail and will never ask you to pay with gift cards, cryptocurrency, or wire transfers.
The Grandparent Scam: This scam involves a fraudster calling you and pretending to be your grandchild in a state of crisis (e.g., “I’ve been in an accident and I need money right away!”). They will ask you to send money via e-transfer or money order. Always hang up and call your grandchild or another family member directly to verify the story.
Be Wary of Too-Good-to-Be-True Offers: If you get an email or a call promising you a huge prize or a large sum of money, be suspicious. These are almost always scams designed to get your personal information.

If you believe you have been a victim of a scam, contact your local police and the Canadian Anti-Fraud Centre at 1-888-495-8501.

Your Turn to Claim!

This is the final instalment of our series on forgotten dollars. We hope this series has given you a fresh perspective on how to save money and find new benefits. Now it’s your turn to claim them! Take a moment to see if you are eligible for any of these programs, and let us know what you find in the comments below.

**Your turn:** Hit reply and share your thoughts! We read every response and often feature reader stories in future articles.

(Please remember: We are not financial or medical professionals, and the information above is for educational purposes only. It does not constitute specific financial advice. For personalized guidance on your finances, please consult a qualified professional.)

Thank you for joining us on this journey to claim your forgotten dollars and benefits. As we conclude this series, we invite you to continue the adventure of discovery with us. Starting in the New Year, get ready for a new weekly feature: “This Day in History.” We’ll be unlocking the archives to explore the unexpected and monumental stories that shaped our world—one date at a time. Don’t miss the first instalment on January 2nd!

Warmly,
Bill and Marilyn
Founders of Canadian Senior Moment

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