1) What are the legal requirements around giving & recieving money? 2) What is the maximum amount legally allowed to give to another person? 3) Are taxes required to be paid on money that is received from someone else? 4) Are gifting circles legal? 5) What makes them legal what makes them illegal? 6) Specifically if a gifting circle includes the following is it legal in Canada, in Alberta:
1. 15 total spots (1 on 1st level, 2 on 2nd level, 4 on 3rd level & 8 on 4th level) - the person on the top never stays there, once they recieve their gift they are no longer in the gifting circle and can re-enter if they choose.
2. the 8 people on the 4th level directly call the person on the 1st level to let them know that they will be receiving a gift from them (this includes a purchased or home-made gift as well as monetary gift - they also receive a gift back)
3. No one else holds your $
4. 48hr $ back guarantee
5. Gifts are $5K or under
6. Invitation only to help those you know in need
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