The Canada Revenue Agency says that over 300 investigators and other CRA officers have been executing search warrants across western Canada as part of an investment scam investigation.

The searches, which began two weeks ago, were conducted at over 50 separate locations as a result of alleged involvement in fraud related to fictitious RRSPs, investment scams, and other tax evasion, it said.

RRSP and investment scams are popping up across Canada, the CRA noted, adding that it is making its presence known by auditing and investigating the promoters who back these schemes. “The CRA is taking substantive action against promoters and others who lure Canadians into tax evasion schemes,” said CRA commissioner William Baker.

Many Canadians have lost their entire retirement savings by participating in schemes such as the one being investigated today, it noted. “Canadians should know that they are responsible for taxes and interest owed on taxes evaded, even if a promoter indicates otherwise,” said Baker.