TORONTO, May 5, 2020 /CNW/ - MCAN Mortgage Corporation
("MCAN", the "Company" or "we") (TSX: MKP) will report its
financial results for the three months ended March 31, 2020 before the market opens on
May 12, 2020.
Annual General Meeting of Shareholders
MCAN invites all shareholders to participate in its Annual
General Meeting on Tuesday, May 12,
2020 at 4:30 p.m. Eastern
time. As a virtual-only meeting, it will be broadcast at
https://web.lumiagm.com/233300282 (password mcan2020). Please
review the Management Information Circular and the Virtual AGM User
Guide for registration instructions. Both the Management
Information Circular and Virtual AGM User Guide were mailed to
shareholders and are available at www.mcanmortgage.com and on
SEDAR.
MCAN is a public company listed on the Toronto Stock Exchange
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 in a diversified portfolio of
Canadian mortgages, including single family residential,
residential construction, non-residential construction and
commercial loans, as well as other types of securities, loans and
real estate investments. MCAN employs leverage by issuing term
deposits that are eligible for Canada Deposit Insurance Corporation
deposit insurance and are sourced through a network of independent
financial agents. We manage our capital and asset balances
based on the regulations and limits of the Tax Act, the Trust and
Loan Companies Act (Canada) and
OSFI.
As a MIC, we are entitled to deduct the dividends that we pay
to shareholders from our taxable income. Regular dividends are
taxed as interest income to shareholders. We are also able to pay
capital gains dividends, which would be taxed as capital gains to
shareholders for income tax purposes. Dividends paid to foreign
investors may be subject to withholding taxes. Additionally,
to continue to meet the MIC criteria, 67% of our non-consolidated
assets measured on a tax basis are required to be held in cash or
cash equivalents and residential mortgages.
MCAN's wholly-owned subsidiary, XMC Mortgage Corporation, is
an originator of single family residential mortgage products across
Canada.
SOURCE MCAN Mortgage Corporation