By Jon Corrado

★★½ (out of 4)

Built around the pun in its title, It’s a Wonderful Knife is an ode to Frank Capra’s perennial classic It’s a Wonderful Life, except done in the style of a Christmas slasher comedy.

The film is set in the town of Angel Falls, and follows a teen girl named Winnie (Jane Widdop). Her father is David Carruthers (Joel McHale), who works for the smug Henry Waters (Justin Long, hamming it up), a sleazy real estate developer trying to take over the town.

When the town’s annual Christmas Eve celebrations are upended by a masked killer in a white angel costume, and several people are killed, Winnie saves the town by taking down the killer. We then cut to a year later, when Winnie is still reeling from the attacks, and wishing that she never existed.

When her wish is granted, Winnie is sent to a much darker timeline where the killer is still on the loose, and has been for a year. Because Winnie wasn’t there to stop them, the killer was able to continue their spree, plunging the town into darkness. Now she must use her knowledge of events to stop the killer in this alternate reality, and hopefully get back to her old life.

The film does a good job of setting things up with an opening sequence that almost plays like its own short film (think Scream), complete with its own conclusion unmasking the killer, before the title card even hits. It’s a fun twist, with this prologue really helping establish the characters and setting. These early scenes also have a tongue-in-cheek quality to them, successfully capturing the feel of a Hallmark Christmas movie, only to be upended by a masked killer slashing and stabbing through the town.

The screenplay is by Michael Kennedy, who also wrote the body swap slasher comedy Freaky, and the film plays out in a similar vein. Director Tyler MacIntyre (Tragedy Girls) keeps things moving at a quick clip, while still finding room for some character moments that help ground the story. Much of the film’s heart comes through in the bond that forms between Winnie and the high school “weirdo” Bernie (Jess McLeod), who everyone either bullies or ignores. This storyline is actually pretty sweet.

At 87 minutes including credits, a few of the story beats do end up feeling a bit rushed, and certain elements aren’t fleshed out as well as they could have been. But It’s a Wonderful Knife still works as a playful (if somewhat slight) riff on It’s a Wonderful Life, offering a fun Christmas slasher that also has a surprising amount of heart to it. It’s this mix of subversive comedy, slasher movie tropes, and Christmas warmth that ultimately makes It’s a Wonderful Knife enjoyable to watch.

It’s a Wonderful Knife opens exclusively in theatres in limited release on November 10th.