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Hello all

I have a couple of questions

1. If I were to receive 100K cash from someone as gift, would I have to declare that money as income and pay tax on it?

2. Can I actively day trade within a TFSA account?
 

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Both issues have been discussed at length on this site, try using the search feature to get answers.

But what I want to know is, why is the issue of a "gift tax" raised so frequently here? Is there truly some practice of Canadians giving each other large amounts of cash and if so, how can I get on the gravy train?
 

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Both issues have been discussed at length on this site, try using the search feature to get answers.

But what I want to know is, why is the issue of a "gift tax" raised so frequently here? Is there truly some practice of Canadians giving each other large amounts of cash and if so, how can I get on the gravy train?
A lot of countries have estate taxes, and those that do, often have accompanying "gift tax" provisions as a means of preventing people from giving away their estate to avoid estate taxes. That may be where some of the misconception is coming from.
 
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