When it comes to tax knowledge, Canadians just aren’t making the grade.

According to a recent Mackenzie Financial Great Canadian Tax Test conducted for Mackenzie by Leger Marketing, the average Canadian was only able to answer 3 out of 10 questions correctly.

Canadians scored even lower than they did in a comparable tax test conducted by Mackenzie Financial two years ago. In that one, similar to this style of 10 True or False questions, the average was 6 out of 10 correct answers.

This year’s tax test incorporated many questions pertaining to the new changes to the Canadian tax system.

“People don’t wear outdated fashions or rely on outdated medical techniques so why would they live with outdated tax planning,” says Sandy Cardy, senior vp of tax and estate planning for Mackenzie Financial.

“Since we conducted our last tax test, there have been many tax modifications that can help put money back in our pockets. Canadians should speak to a financial advisor to make sure they are taking full advantage of the newly allowed deductions and credits.”

Mackenzie asked a survey of 1,536 Canadians 10 True or False questions. The correct answers and the percentage of people who answered correctly are listed in the attached news release.

The survey found several important regional variations. Quebeckers scored the lowest — 41% scored one out of ten or under on the tax test. Atlantic Canadians were the second lowest group — 89% scored 5 out of ten or less. Manitobans/Saskatchewanians scored the highest — 4% scored 80% or higher on the test

The survey results are based on a Leger Marketing national online survey with a representative sample of 1,536 Canadians (18 years and older) between September 26th and October 1st, 2007. A sample of this size will provide results that can be considered accurate for the population overall to within plus or minus 2.5%, 19 times out of 20.