I-1 - Retail Sales Tax Act

Section 7.1.2 Disposition versions

1994-06-17

7.1.2. For the purposes of sections 6 and 7, where the vendor of a movable property accepts, in full or partial consideration for the sale of the property, a coupon that entitles the purchaser to a reduction of the price of the property equal to a fixed dollar amount specified in the coupon and the vendor can reasonably expect not to be paid an amount for the redemption of the coupon by another person, the vendor shall treat the coupon

(1)  as reducing the purchase price in the manner provided for in section 7.2; or

(2)  as a partial cash payment that does not reduce the purchase price, in which event section 7.1.1 applies and the vendor may claim compensation, in the account to be rendered to the Minister for the month which the coupon was accepted, equal to the amount obtained by multiplying 8/108 by the fixed dollar amount specified in the coupon.

1994, c. 22, s. 31.