What is a MIC?

MIC Mortgage Investment Corporation
A Mortgage Investment Corporation (MIC) is an investment vehicle that pools funds from investors to provide mortgage loans, primarily focusing on real estate borrowers who may have difficulty obtaining financing from traditional banks. MICs are regulated under the Income Tax Act and must distribute a substantial portion of their income to maintain tax-exempt status. Benefits of Borrowing from a MIC: Accessibility MICs often cater to borrowers who may not meet the stringent criteria of ...
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