TORONTO, March 30, 2021 /CNW/ - MCAN Mortgage Corporation
("MCAN", the "Company" or "we") (TSX: MKP) is pleased to announce
it has earned a spot for the second year in a row, on the Globe and
Mail's 2021 Report on Business Women Lead Here list, an
annual editorial benchmark to identify best-in-class executive
gender diversity in corporate Canada. At 60% female executives, including a
female President & CEO, MCAN scored higher than last year and
higher than the survey honouree average of 44%.
Established in 2020 by Report on Business magazine, the Women
Lead Here initiative applies a proprietary research methodology
to determine Canadian corporations with the highest degree of
gender diversity among executive ranks.
"We are very pleased with this achievement," said Karen Weaver, President & CEO, "Diversity,
including gender diversity, is important to cultivating an
inclusive, collaborative and diverse culture. We are proud of the
diversity amongst our team members, where our internal surveys
indicate that in addition to over half of our team members
identifying as female, more than 70% identify as ethnically
diverse. Our diverse team members contribute to MCAN's environment,
rich in active learning, teamwork, inclusion and belonging. We call
this #MCANLIFE."
The full list of the 2021 Women Lead Here honourees can
be found in the April issue of Report on Business magazine,
distributed with The Globe and Mail on Saturday, March 27th, and online at
tgam.ca/WomenLeadHere.
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 both the Tax Act and OSFI.
As a MIC, we are entitled to deduct the dividends that we pay
to shareholders from our taxable income. Regular dividends
are treated as interest income to shareholders for income tax
purposes. We are also able to pay capital gains dividends,
which would be treated as capital gains to shareholders for income
tax purposes. Dividends paid to foreign investors may be subject to
withholding taxes. 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