Theft is defined in section 322 of the Criminal Code. Theft involves taking away or converting property in a way that deprives the owner of their interest in it. Theft under $5000 applies when the value of the item subject to the theft is less than $5000.
Theft under $5000 is a hybrid offence. This means that the Crown can choose to proceed with the charge either by indictment or by summary conviction. If convicted of an indictable offence, you will face more severe penalties than if sentenced for a summary conviction.
