How to Setup Canada Cannabis Duty Tax?
(Doc ID 2623072.1)
Last updated on AUGUST 17, 2020
Applies to:Oracle Fusion Tax Cloud Service - Version 11.13.19.07.0 and later
Information in this document applies to any platform.
How to setup Canada Cannabis Duty tax? Here are the calculations that need to be done -
Line Amount = 1000
Line Qty = 10
Tax1 is Qty based (the flat‑rate cannabis duty based on the rate in proposed amended paragraph 1(b) of Schedule 7 to the Act)
10 * 2.5% = 25
Tax2 is Qty based (the flat‑rate additional cannabis duty for Nunavut based on the rate in proposed amended paragraph 1(b) of Schedule 12 to the Regulations)
10 * 7.5% = 75
Tax3 is (Amount - Tax1 - Tax2)*rate (the adjustment rate for Nunavut set out in section 5 of Schedule 12 to the Regulations)
1000 - 25 - 75 = 900
900*6.015% = 54.14
Tax4 is PST Line Amount + Tax1 + Tax2 + Tax3
(1000+75+25+54.14)*6% = 69.25
Tax5 is GST Line Amount + Tax1 + Tax2 + Tax3
(1000+75+25+54.14)*5% = 57.71
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