Fraud Prevention Month - Who can ask for your SIN and whom should you answer?

You know your Social Insurance Number is a key piece of delicate financial data that identity thieves would love to get their hands on.

It’s so sensitive that the Government of Canada stopped issuing SIN cards.

When I was researching my last book on fraud prevention (see link below), experts were telling me that soccer clubs were asking for children’s SIN’s for routine intake forms.  According to a recent survey by the Chartered Accountants of Canada, nearly ½ of those responded felt concerned about their personal information and who had access to it.

I get emails from people across Canada telling me that everyone from their hydro provider to their insurance company (and many more) are asking, even demanding to know their SIN. 

So, who can ask for your SIN and whom should you answer?

Here’s a great article from Service Canada that officially states whom you should or should not share your SIN with - http://www.servicecanada.gc.ca/eng/sin/info/yoursin.shtml

Essentially, if you’re going to earn or generate income, revealing your SIN is necessary.  For example, with a new employer, opening an RRSP, TFSA or RESP for your child – those are all occurances where you should be earning some type of income that needs to be reported to the government.

However, if you’re applying for a mortgage with your bank (or some type of lending product), you do not have to give out your SIN.  And, for companies like your hydro provider or kid’s club, you should not only say no, but inform them of Service Canada’s policy.

For more information on protecting you and your family during fraud prevention month and beyond, check out my latest book published by the Chartered Professional Accountant of Canada – Protecting You & Your Money; A Guide To Avoiding Identity Theft & Fraud.  You can purchase the book for just $9.99 and the ebook for $3.99 – order it here.