What is a Mortgage Investment Corporation?
A MIC is an investment that lets people pool their money to be invested in mortgages. All of the MIC’s net profit from the mortgages flows through to the MIC investors.
MICs have been around since 1973 when federal legislation was enacted to promote private financing and make it easier to invest in mortgages.
MICs are one of the lesser known asset classes despite yielding solid long-term returns and despite being RRSP, TFSA, RRIF and RESP eligible in most cases.
- No shareholder may hold more than 25% of the MIC’s total capital.
- Investors are owners of the MIC.
- At least 50% of the MIC’s capital must be invested in Residential Mortgages.
- The MIC’s annual net income is 100% distributed to investors according to their proportional interest in the company.
- The management company is responsible for administrating the MIC for the investors as well as underwriting suitable mortgages to invest in.
- The management company receives a fee for the administration of the MIC.
- The distributions are in the form of dividends to shareholders of the MIC.
- A MIC’s annual financial statements must be audited.
- A MIC is governed by the Income Tax Act, Section 130.1
Investing with us
At Money Gate MIC, we are committed for our partners to not just build their wealth, but to become financially independent with a well diverse mortgage portfolio The management team has over 40 years of experience in the Real Estate and Financial sectors which have allowed for a proven track record of success.
- Participants in the MIC can purchase preferred shares with an initial issued price of $1 per share.
- Shareholders earn a steady annualized ROI of 9-10%.
- The minimum investment is $50,000 *For accredited or exempt investors only.
- Dividends are paid monthly to each shareholder along with a Partner Statement of Account issued at time of payment.
- Dividends can be re-invested with our DRIP program to optimize maximum growth of your portfolio.
- Money Gate MIC is RSP, TFSA and all registered plan eligible.
Please contact us for more information.