# Gift Cash Tax



## shoichi (Nov 15, 2009)

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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## MoneyGal (Apr 24, 2009)

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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## the-royal-mail (Dec 11, 2009)

I would presume it's people buying real estate with family.


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## CanadianCapitalist (Mar 31, 2009)

shoichi said:


> Hello all
> 
> I have a couple of questions
> 
> ...


See these threads:

http://www.canadianmoneyforum.com/showthread.php?t=2525

and

http://www.canadianmoneyforum.com/showthread.php?t=469


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## OhGreatGuru (May 24, 2009)

MoneyGal said:


> 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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