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Lending & Mortgages

How to rely on the available exemptions in the Province of Ontario from the requirements to be licensed under the Mortgage Brokerages, Lenders and Administrators Act.

In Ontario, Dealing, Trading, Lending and Administering mortgages are all regulated activities, which requires licensing under the Mortgage Brokerages, Lenders and Administrators Act (the “Act”), as...

Registering a Notice to try and save a Power of Sale

Often, borrowers loosing their home to a power of sale will take any advise they can get to stop the process. Borrowers are sometimes led...

Private Lending: Do not Rely on Someone Else’s Appraisal!

Often private lenders will receive a brief term sheet with an email introduction from a mortgage broker or agent trying to place a mortgage deal.  Included...

Do Private Lenders need a brokerage license to lend in Ontario?

The Mortgage Brokerages, Lenders and Administrators Act, 2006, requires that a mortgage lender hold a brokerage license in Ontario. And that a person or...

Changes to the Mortgage Syndication Rules

As of July 1, 2018, the Financial Services Commission of Ontario (FSCO) will begin enforcing the changes to the O. Regulation 188/08 Mortgage Brokerages Standards of Practice under...

A MIC’s Specified Shareholder, Related Parties and Prohibited RRSP Investment Rules

The Question being asked is a brother or sister of a shareholder of a mortgage investment corporation (MIC) a specified shareholder (To qualify as a MIC...

MIC Foreign Investors & Withholding Taxes on Dividends

The Quick and Simple is that Yes, withholding taxes (usually 25% of gross amount unless subject to a tax treaty with the resident country of the...

Islamic Financing and Riba Free Mortgages

Over the last few years, and especially since the financial crisis of 2008, the concept of Islamic financing or banking has been gaining momentum as an...

Challenges in Starting a MIC: Paying Dividends

One of the biggest challenges in running a MIC is when you first realize that the investors who were once your private lenders are now expecting...

A MIC does not simply allow you to raise money from the public!

Mortgage Investment Corporations ("MICs") are on the rise in Canada.  With many of these MICs the founders and managers are confused over what regulators may or...