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Tag: 45-106

Annual Maintenance and Reporting Requirements of a MIC, a Mortgage Investment Corporation

Annually a MIC that issues its shares through a prospectus and registration exemption under securities law and regulations (e.g. not publicly traded companies),  will be responsible for providing their investors with financial statements illustrating the performance of the MIC for its recent fiscal year end in a set of separate documents.  However, in addition to appeasing their investors with proper disclosure and transparency a MIC will be required to do the following annually:A financial audit (completed by a qualified firm CA or CPA firm, does not need to be IFRS, as MICs are not automatically considered reporting issuers even though they are deemed “public companies” under the Canadian Income Tax Act);Annual resolutions to approve the financial statements;Annual resolutions to declare dividends, and possibly to catch up for dividends declared throughout the year on a monthly or quarterly basis;

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