Select Luxury Items Tax Act (S.C. 2022, c. 10, s. 135)

Marginal note:Amount of tax — general

34 The amount of tax payable under this Division (other than Subdivision D) in respect of a subject item is equal to the lesser of

• (a) the amount determined by the formula

  A × B

  where

  A

  is the taxable amount of the subject item, and

  B

  is 10%, and

• (b) the amount determined by the formula

  (C − D) × E

  where

  C

  is the taxable amount of the subject item,

  D

  is the price threshold in respect of the subject item, and

  E

  is 20%.