See these threads: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?
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.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?