Retirement savings are a favorite target for scammers because the sums involved are large and people are often unfamiliar with the fine details of how transfers and withdrawals work. RRSP scams typically start with unsolicited contact and end with money moved somewhere it can’t be recovered from.
How RRSP scams work
You’re contacted with an offer to "unlock" your RRSP savings early or move them into a high-return investment opportunity, often through an unregistered "adviser" who pressures you to act quickly. The pitch usually promises unusually high, "guaranteed" returns with no risk — a combination that does not exist in legitimate investing.
Red flags to watch for
Cold calls, texts, or emails about your retirement savings you didn’t request, pressure to decide quickly, promises of guaranteed high returns, and requests to transfer your full balance to a scheme you’ve never heard of.
How to protect your savings
Never make decisions about your retirement savings under time pressure. Verify any adviser or firm is properly registered with Canadian Securities Administrators before proceeding, and get independent financial advice before transferring or withdrawing funds. If something feels off, pause and verify independently — legitimate offers do not disappear overnight.
Frequently Asked Questions
How do RRSP scams typically start?
You’re contacted with an offer to "unlock" your RRSP savings early or move them into a high-return investment opportunity, often through an unregistered "adviser" who pressures you to act quickly.
What is a RRSP scammer really trying to get?
Scammers targeting RRSPs try to get you to withdraw funds early (triggering tax penalties) and transfer them into a scheme they control, or extract your account details to redirect a legitimate transfer.
What are the biggest red flags of a RRSP scam?
Unsolicited contact out of the blue, promises of "guaranteed" high returns with no risk, pressure to act quickly or "before this offer expires," and requests to transfer your entire pot to an unfamiliar or unregulated scheme.
How do I check if a RRSP offer is legitimate?
Verify the person or firm is registered with Canadian Securities Administrators, never make a decision under time pressure, and get independent financial advice from a regulated adviser before transferring or withdrawing any retirement savings.
What should I do if I think I’ve already been targeted by a RRSP scam?
Stop all contact with the scammer immediately, do not transfer any further funds, and report it to Canadian Anti-Fraud Centre. If you’ve already transferred money, contact your pension or plan provider right away to see if the transfer can be halted or reversed.