Mortgage Investment Corporation – Further to our previous article, we like to explain more details as follows:
Can a shareholder borrow money from Mortgage Investment Corporation (MIC)?
Now, this is a tricky question. We would like to explain it to you as follows:
1) Yes you can borrow money from the Mortgage Investment Corporation (MIC), provided that you have purchased your shares in the form of hard cash, subject to all the qualifications, rules, and regulations set up by the corporation
2) No, you cannot borrow money if you have purchased your shares of the Mortgage Investment Corporation (MIC) inside of your Registered Retirement Savings Plan (RRSP), Registered Retirement Income Funds (RRIF), or Registered Education Savings Plan (RESP), because of the Income Tax Act.