HOW DOES A MIC REMAIN CONSISTENT WITH INCOME TAX REGULATIONS?
FIRST ISLAND’S investment policies are consistent with the Income Tax regulations. We have defined our MIC policies as: Containing only first mortgages registered on the real property. Being RRSP and RRIF eligible through a no-fee self-directed plan; Only financing to a maximum of 75% of the appraised project value; (often times the ratio is much lower.) Not borrowing any funds to leverage the mortgage investments; Securing mortgages for Alberta and British Columbia based properties.
