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Tag: mortgage investment corporations

Tag: mortgage investment corporations

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...

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...

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...

What If A Mortgage Goes Bad In A MIC? What are the Investment Benefits In A MIC?

Management of the MIC must be vigilant and selective with whom they lend to, and investors can inquire about whether the MIC in question will allow...

Securities Law & Regulations of a MIC, a Mortgage Investment Corporation

A “Trade” (i.e. selling shares to investors in this case) triggers the “Registration” requirement, even if the trade is not a “distribution”. Just because there is...

Taxation of a MIC, a Mortgage Investment Corporation

The MIC itself will not pay income tax so long as the profits are flowed through to the shareholders and taxed in their hands. This is...

Managing A MIC, a Mortgage Investment Corporation

The creation of a MIC is similar to other corporations in the method of organization, election of directors/officers and the faculty to appoint committees, hire employees,...

How to be a Private Mortgage Lender

This video is an excerpt of an interview with Jeff Levy, the managing partner at Levy Zavet PC, Lawyers. The interview is about lending and private...

MICs: The Technical Aspects of a Mortgage Investment Corporation

TYPE OF ENTITY FOR A MORTGAGE INVESTMENT CORPORATIONA Canadian Corporation throughout the taxation year where its business only undertakes to invest its funds, and thereafter qualifies...