Marginal note:Definition of inflationary adjusted year
43.1 (1) In this section, inflationary adjusted year means 2019 and every year after that year.
Marginal note:Annual adjustments
(2) Each rate of duty set out in sections 1 to 4 of Schedule 1 and paragraph (a) of Schedule 2 in respect of a tobacco product is to be adjusted on April 1 of an inflationary adjusted year so that the rate is equal to the greater of
(a) the rate determined by the formula
A × B
where
- A
- is the rate of duty applicable to the tobacco product on March 31 of the inflationary adjusted year, and
- B
- is the amount, rounded to the nearest one-thousandth, or, if the amount is equidistant from two consecutive one-thousandths, rounded to the higher one-thousandth, determined by the formula
C/D
where
- C
- is the Consumer Price Index for the 12-month period ending on September 30 of the particular year preceding the inflationary adjusted year, and
- D
- is the Consumer Price Index for the 12-month period ending on September 30 of the year preceding the particular year; and
(b) the rate of duty referred to in the description of A in paragraph (a).
Marginal note:Rounding
(3) The adjusted rate determined under subsection (2) is to be rounded to the nearest one-hundred-thousandth or, if the adjusted rate is equidistant from two consecutive one-hundred-thousandths, to the higher one-hundred-thousandth.
Marginal note:Consumer Price Index
(4) In this section, the Consumer Price Index for any 12-month period is the result arrived at by
(a) aggregating the Consumer Price Index for Canada, as published by Statistics Canada under the authority of the Statistics Act, for each month in that period;
(b) dividing the aggregate obtained under paragraph (a) by 12; and
(c) rounding the result obtained under paragraph (b) to the nearest one-thousandth or, if the result obtained is equidistant from two consecutive one-thousandths, to the higher one-thousandth.
- 2014, c. 20, s. 64
- 2018, c. 12, s. 47
- Date modified: