The offer followed a flurry of complaints on social media calling on the company to honour the posted prices and to the Competition Bureau, the federal regulator that oversees advertising and business practices.
Lenovo said its website mistakenly offered a "doorbuster" promotion briefly last week on three laptop computers with discounts ranging between $800 and $1,110 off the regular price.
The website has since been updated with smaller discounts of between $420 and $590.
The company said the error allowed an e-coupon to be combined with an instant savings discount price. Once the mistake was noticed customers were told their orders wouldn't be completed at the price posted in error.
Lenovo said it regrets any inconvenience caused by the error and it will start contacting customers Wednesday with the offer, which will be valid for purchases by Aug. 3.
"Lenovo — like other computer manufacturers — reserves the right to cancel any orders for products placed at an incorrect price due to an error in pricing," the statement says.
"We have informed the affected customers of the pricing error and we are in the process of cancelling their orders and any charges that occurred. We deeply regret any inconvenience this error has caused."
However, one person who spoke to The Canadian Press, said the experience has soured his attitude towards Lenovo and he's unlikely to buy from the company again even though he liked his first Lenovo laptop and still uses it.
"Lenovo is one of the bigger manufacturers out there these days, but I'm pretty sure that other manufacturers would be able to provide me with better customer service," Victor Lloren of Vancouver said in a phone interview Tuesday.
After reading the company's statement, Lloren wrote in an email: "I honestly feel insulted with the compensation that they are offering. I plan to take a pass on this and never to patronize any Lenovo product in the future."
Competition Bureau spokesman Phil Norris said in an email that the agency is required by law to do its work confidentially, but added "the Bureau has received complaints and is aware of this issue."
"The best advice that we can give to the general public is to report these matters to the Bureau, as it assists us in gathering evidence and possibly conducting an investigation," Norris said.
— Follow @DavidPaddon on Twitter.