A study commissioned by the Canada Revenue Agency suggests Canadians are confused about the rules regarding tax-free savings accounts (TFSAs), The Canadian Press reports.

Focus-group research conducted by Sage Research Corp. reveals that 72,000 Canadians were forced to pay tax bills last June after learning they had violated a key restriction on TFSAs.

The unexpected bills arose when Canadians took money out of their tax-free savings accounts in 2009, then replaced it in the same year. Putting back withdrawn money in the same year is considered an "over-contribution" and is against Canada Revenue Agency rules.

The Sage Research Corp. study reveals that Canadians had little awareness about the TFSA rules, and also demonstrated that focus-group participants found the revenue agency's website too difficult to navigate.

-With files from The Canadian Press

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