Stock market symbol
TSX: MKP
TORONTO, Sept. 1, 2017 /CNW/ - MCAN Mortgage Corporation
("MCAN") today announced that Xceed Mortgage Corporation (in
French, Corporation Hypothécaire Xceed), a wholly owned subsidiary
of MCAN, will change its name to XMC Mortgage Corporation (in
French, Corporation Hypothécaire XMC), effective September 1, 2017.
"This new name is an important step in the overall positioning
of the company and its logo leverages the known financial strength
and trust of the MCAN brand", says Martin
Beaudry, MCAN's Vice President of Single Family Mortgage
Operations.
Customers and partners will receive additional information
regarding the name change in the coming months.
Further Information
MCAN is a public company listed on the Toronto Stock Exchange
("TSX") under the symbol MKP and is a reporting issuer in all
provinces and territories in Canada. MCAN also qualifies as a
mortgage investment corporation ("MIC") under the Income Tax Act
(Canada) (the "Tax
Act").
The Company's primary objective is to generate a reliable
stream of income by investing its corporate funds in a portfolio of
mortgages (including single family residential, residential
construction, non-residential construction and commercial loans),
as well as other types of financial investments, loans and real
estate investments. MCAN employs leverage by issuing term
deposits eligible for Canada Deposit Insurance Corporation ("CDIC")
deposit insurance up to a maximum of five times capital (on a
non-consolidated tax basis in the MIC entity) as permitted by the
Tax Act. The term deposits are sourced through a network of
independent financial agents. As a MIC, MCAN is entitled to
deduct from income for tax purposes 100% of dividends, except for
capital gains dividends, which are deducted at 50%. Such
dividends are received by the shareholders as interest income and
capital gains dividends, respectively.
MCAN's wholly-owned subsidiary, XMC Mortgage Corporation, is
an originator of residential first-charge mortgage products across
Canada. As such, XMC Mortgage Corporation operates primarily
in one industry segment through its sales team and mortgage
brokers.
MCAN is also an NHA MBS issuer.
SOURCE MCAN Mortgage Corporation