A taxing test
Maru Public Opinion today released the findings of a national survey conducted for CIBC that tested Canadians’ knowledge to gauge their understanding of basic tax scenarios and found there are gaps in understanding of important tax concepts. Heading towards this year’s personal income tax deadline of May 2, 2022, all in all, Canadians scored a “C” grade on the CIBC tax test.
Only a fraction (6%) of Canadians could answer nine or ten of the ten-question quiz correctly—however, the good news is that a much larger group (42%) correctly answered at least seven of the questions.