Saskatchewan PST expansion goes into effect

A collection of $20 bills are seen in this file photo. (CTV News) A collection of $20 bills are seen in this file photo. (CTV News)

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What is the 'white elephant' gift exchange?

With the holiday season in full swing, families and friends looking for a more unconventional way to give gifts can look no further than to the 'white elephant' gift exchange, but what is it exactly?