Canada Also Taxing Swag

Like other big celebrity events, the Toronto Film Festival gives swag bags full of gifts to celebrities who attend. And like American authorities, Canadian tax officials are hovering. “Those receiving gift bags must pay tax on the fair market value of such items. It’s up to the individual to declare each and every gift on their personal income tax return. We will be conducting reviews and audits of income tax returns to ensure compliance with the tax legislation.”

Source: The Globe & Mail (Canada) - 08/30/06