We seem to have gone against the mainstream in our family in the sense that we have *never* told our child that Santa is real.
Essentially, I've donned on the red suit and fake beard...in full visibility of the child. Then we have gathered around the tree and handed out the presents, I've gotten my milk and cookies and it's all been fun. Even though the kid knows that I'm not real Santa riding on a flying sled pulled by reindeer, they are pretty much into it. I mean, this same kid can imagine that a cardboard box is a car or a house or a teleporter, why would dad being a Santa suddenly be something beyond imagination capability?
Same for the others. Yes, coin exchanged for baby tooth...or chocolate eggs around the house - of course it's set up by mom&dad! We tell them that yeah, parents are now going to play Easter Bunny and you can then go for a bit of a egg hunt! Kids have amazing capability of make-believe.
This has now gone on for 7 years. This time around the kid is going to dress up as an elf and be Santa's little helper when we have some extended family gathering. We've said that some of the other kids in attendance may not be aware of Santa's true nature, so don't go around telling that.
Here's to *hoping* that when the kid reaches the angsty teenager phase, we'd at least have some additional trust points as parents because we have never lied even on such trivial matters as what's the deal with Santa. We'll know in about 10 years.