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REVIEW APPLICATION QUICKLY
RISK MITIGATION AND CAPITAL PRESERVATION
CONSISTENT RETURNS FOR OVER A DECADE
A Mortgage Investment Corporation (“MIC”) is an investment and lending company that allows investors to pool funds in a diversified and secured portfolio of residential and commercial mortgage loans. Shares of a MIC are qualified investments under the Canadian Income Tax Act (Section 130.1) for RRSP’s, RRIF’s, TFSA’s, LIRA’s, LIFF’s and RESP’s. The Income Tax Act requires that 100% of a MIC’s annual net income be distributed to its shareholders.
The chart above illustrated the growth of a $100,000 investment since inception with compounding quarterly dividends only and no additional contributions.
Shareholders will be entitled to receive dividends on a quarterly basis. Dividends may be taken as cash or reinvested as additional shares. Dividends reinvested as additional shares will qualify for future dividends.
Dividends are paid out as follows:
Sept 1 – Nov 30
Dividend paid out by Dec 31st
Dec 1 – Feb 28
Dividend paid out by Mar 31st
Mar 1 – May 31
Dividend paid out by June 30th
June 1 – Aug 31
Dividend paid out within 90 days of fiscal year end