TORONTO, May 19, 2020 /CNW/ - MCAN Mortgage Corporation
("MCAN" or the "Company") announces that Ms. Floriana Cipollone has been appointed as Vice
President and Chief Financial Officer of MCAN. Ms. Cipollone
has 30 years of progressive business experience, including over 20
years as a senior finance executive for public companies. She
most recently served as the Chief Financial Officer of Plaza Retail
REIT. Ms. Cipollone is a CPA, CA and graduated from the
University of Toronto.
"We are very pleased to welcome Floriana to our executive team
at MCAN," said Karen Weaver,
President and CEO. "We believe that she will build on the strong
finance foundation at MCAN and become a key partner in achieving
our long term strategy."
"I am pleased to join the executive team of MCAN," said
Floriana Cipollone. "I look forward
to the opportunity to help execute on MCAN's business initiatives
and further build on its growth."
Karen Weaver is assuming the CFO
responsibilities until Ms. Cipollone joins the Company on
June 1, 2020.
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