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To be at the right time and at the right place is not luck, it's the desire to reach there.
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A mortgage investment corporation or MIC is an investment and lending company designed specifically for mortgage lending (primarily residential mortgage lending) in Canada. Owning shares in a mortgage investment corporation enables you to invest in a company that manages a diversified and secured pool of mortgages. For borrowers, MIC offers an alternative source of funding the purchase or renovation.
FAQ
FAQ
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What is MIC?A mortgage investment corporation or MIC is an investment and lending company designed specifically for mortgage lending (primarily residential mortgage lending) in Canada. Owning shares in a mortgage investment corporation enables you to invest in a company which manages a diversified and secured pool of mortgages.
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Who regulates MICs in Canada?Mortgage Investment Corporations (MIC’s) are regulated by section 130.1 of the Income Tax Act (ITA), which allows investors to pool funds through the purchase of shares for the purpose of investing in mortgages. This entity provides an ideal vehicle for investing in RRSP’s, RRIF’s, LIRA’s, LRIF’s, TFSA, and RESP’s. A MIC is also available to investors as an unregistered investment.
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How is MIC regulated?A MIC (mortgage investment corporation), is a corporate entity with special status from Canada Revenue Agency (CRA). The corporation is a tax-free, flow-through investment vehicle provided that 100% of the annual income is distributed to the shareholders at least annually. The corporation is also required to ensure that a minimum of 50% of its assets are in residential mortgages and all of the assets in the corporation are Canadian. The MIC is however, open to investors outside of the Canadian market.
What our clients say about us...
Our situation was extremely difficult and they found a way to support us through and come out with a positive result. They were with us every step of the way and always had creative ideas to help us. I would highly recommend them!!
Lyla Rosen
I was approved!!!!! My payments are low as well as the interest and I am very Happy. ONT MIC was very helpful. I highly recommend them happy with my results
Ben Dersler
Thanks to the team. From the first moment they walked us through the entire process and answered all our questions, to the moment we moved in to our first home. Thank you so much to the entire ONT MIC team!
Ryan Fry
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