For investors, First Circle Financial offers the opportunity to invest in a diversified mortgage portfolio through its mortgage fund, First Circle Mortgage Investment Corporation. First Circle Mortgage Investment Corporation is a Mortgage Investment Corporation or ‘MIC’ as defined by Section 130.1 of the Income Tax Act.
Mortgage Investment Corporations are companies organized to allow investors to invest in a pool of mortgages rather than in single mortgages. Earnings are distributed quarterly by way of dividends, but are treated in the hands of the shareholders as interest income. Provided the company maintains its status as a MIC, it will pay no corporate income tax on normal revenues.
The purchase of shares in a MIC is a RRSP, RRIF, RESP, and TFSA qualified investment. Because of the tax flow through characteristics of MICs, they make an excellent choice for retirement savings. They provide a steady and stable investments plus a superior yield to most interest bearing investment options.
First Circle Financial has been a MIC manager for over twenty years and has provided investors with steady and reliable returns each and every year since 1991. First Circle Investment Corporation invests in good quality residential construction and sub-prime mortgages. The loan amount will never exceed 75% of the appraised value of the secured property. Annual results are verified by the company’s auditor.
For further information feel free to contact us.
- Diversified Mortgage portfolio investment opportunity
- Professional and experienced management
- Tax flow through vehicle
- RRSP, RRIF, RESP, TFSA eligible
- Audited financial statements