Funded by Accountable MIC

1. What is a Mortgage Investment Corporation (MIC)?

MIC was created by 130.1 of the Income Tax Act in 1973. With over 40 years of history, MIC allows individual investors to pool their funds and invest in a diversified portfolio of residential and commercial mortgages.

2. Is Accountable MIC a legitimate company in Canada? Who regulates MIC?  

Accountable MIC operates under Income Tax Act.

Accountable MIC is regulated by Financial Institutions Commission (FICOM www.fic.gov.bc.ca) *.

BC Securities Commission  (BCSC www.bcsc.bc.ca) regulates our associated Exempt Market Dealer – Accountable Capital Corp.

3. What is Accountable MIC’s lending policy?

We carefully select borrowers with good credit and good net worth.  Our securities are real estate properties in marketable locations.  All our mortgages are 12 months term, the short term minimizes the market risk and the interest rate risk.

4. Can I keep track of my investments?

We provide online account access to our investors. Our investors can log in to check their investment and dividend payment history. We also send quarterly investment statements to our investors.

5. How is MIC’s income taxed? Can non-residents invest in a MIC?

MIC’s income is taxed as interest income. Canadian Residents will receive T5. Non-residents can also invest and will receive NR4.

* The Office of the Registrar of Mortgage Brokers at the Financial Institutions Commission regulates the mortgage brokering and lending activities of Mortgage Investment Corporations (MICs) under the Mortgage Brokers Act. The Registrar and the Mortgage Brokers Act do not regulate the capital raising and investment marketing activities of MICs which are subject to securities legislation and regulation.