Tag: mic
Tag: mic
The Complexities of the Offering Memo Exemption, Ongoing Requirements and Pitfalls
Offering Memorandum Exemption under NI 45‑106 (Ontario) Eligibility & Purpose NI 45‑106 section 2.9 allows non‑reporting issuers to raise capital from the public via an Offering Memorandum (OM) distributed to...
Do MICs need to file an exempt distribution report for shares issued under a DRIP?
Should a Mortgage Investment Corporation ("MIC"), include exempt distributions of shares or other securities issued under a reinvestment plan (i.e. a DRIP or Dividend Reinvestment Plan),...
Example letter to shareholders on deferring dividends from your MIC until year-end
This letter is to inform you that we are deferring the regularly scheduled dividend until the financials for the year end are completed and audited, which...
Can a lawyer act for both the lender and borrower?
In most conventional cases where the mortgage is not a "private" mortgage or loan transaction, there are no hard rules rather than good judgement and a...
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...
Do Private Lenders need a brokerage license to lend in Ontario?
Do Private Lenders need a brokerage license to lend in Ontario? The Mortgage Brokerages, Lenders and Administrators Act, 2006 establishes that anyone acting as a mortgage lender...
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 Persons and Prohibited RRSP Investment Considerations
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...
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...
