No, this no longer applies since the new exemption rules came into effect in 2012. Here are the rules as they now apply taken from their website.

[color:"blue"]Are personal exemptions subject to any terms or conditions?[/color]
[color:"blue"]
You should be aware that the following terms and conditions apply to personal exemptions:

You are not allowed to combine your personal exemptions with another person’s or transfer them to someone else.
You are not allowed to combine your 48-hour exemption ($800 CAD) with your 7-day exemption ($800 CAD) for a total exemption of $1600 CAD.
Children are entitled to a personal exemption as long as the goods they are declaring are for the child’s use.
Personal exemption claims must be made in Canadian dollars, which requires you to convert the amount you paid for goods in the U.S. (including sales tax) into Canadian dollars at the applicable rate of exchange.
Generally, the goods you include in your personal exemption must be for your personal or household use. This includes souvenirs, prizes and gifts.
Goods brought in for commercial use or for another person do not qualify as a personal exemption and are subject to full duties.
Goods you include in your 24-hour exemption or 48-hour exemption have to be with you on your arrival in Canada. Goods you claim in your 7-day exemption may be shipped to your home by mail, courier or other means of transportation, except for tobacco and alcohol.[/color]