Wow, that's quite horrid. The primary colours, the 'light' on the red circle of the C yet the lack of light on the square and triangle, the font..., the huge flat 'two' ... hmm ... not doing anything for me. If that was posted in the Mocks Gallery it wouldn't get much love I don't think...!
I believe that is because the circle appears as a red ball in idents, where the triangle and the square are just flat objects. See here.
I think there is a certain elegance in the idea behind the CTV logo. The three "primary shapes" in the three primary colours. How the C fits in the circle, how the V fits in the triangle, and how the T is somewhat comfortable in the square.
However, when you put together three shapes that are so different, it looks very unbalanced. It doesn't have the rationality of the BBC squares.
Especially the V and triangle is troublesome in many ways, and there isn't any good way to improve on it. Never mind the irritating whitespaces around it, the combination itself is unbalanced. As it is now, it is very top heavy, but you can't move the V up, because then it won't align with the other letters, and you can't move the triangle down, as it won't align with the other shapes.
At the same time, I can't think of a good way to improve on the idea, and I would doubt if they could benefit at all from getting a completely new logo. They are basically stuck with this forever.