A survey conducted by BMO Wealth Management has identified the top five questions that Canadians ask about personal taxes. RRSPs, deductions, and TFSAs ranked high on the list, and more than one in three wanted advice on how to use their tax refunds.

The survey asked 1,516 Canadian adults about the tax topics which were most on their minds this year, and respondents could name more than one issue. The number one question, identified by 46% of those surveyed, was "Should I contribute to my RRSP or TFSA?" This was followed closely by "When is interest deductible for tax purposes?", which was asked by 45% of respondents.

TFSA contribution limit

39% of those who participated in the poll were wondering "How is my TFSA contribution limit calculated?", while 38% wanted to know "What should I do with my tax refund?". In fifth place, 36% of people asked "How does making a contribution to a registered charity benefit me from a tax perspective?"

The BMO survey was conducted by Pollara in late March 28, and the bank notes that a probability sample of this size would yield results accurate to plus or minus 2.5%, 19 times out of 20.