Nature of the investment

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Nature of the investment"

Transcription

1 March 2014 Real Estate and Capital Markets Bulletin The Mrtgage Investment Crpratin - an Alternative Lender Intrductin In 1973, the federal gvernment intrduced measures aimed at stimulating investments in residential mrtgages by the private sectr. One f thse was the intrductin in the Incme Tax Act (ITA) f the "Mrtgage Investment Crpratin" ("MIC"), a crpratin subject t a special tax regime. Generally, it prvides its sharehlders with mnthly distributins frm a mrtgage prtfli generating stable cash flws n a lng-term basis as if they directly wned this asset. Opprtunities t Be Had in Québec? In prvinces ther than Québec, there exist several mrtgage funds, bth listed and unlisted n the Trnt Stck Exchange, many f which are MICs. Thus, in Québec, there are n MICs with exchange-listed securities, nr prbably any unlisted MICs. In the rest f Canada, there are eight MICs listed n ne f the stck exchanges f the TMX Grup and a significant number f unlisted MICs. Amng thse that are nt exchange-listed, there is a mrtgage fund with a mrtgage prtfli f mre than ne billin dllars, namely Rmspen Mrtgage Investment Fund. Fr a listed MIC, its shares are a permanent surce f capital since they usually are nt subject t redemptin requests by its sharehlders. Als, fr the investrs, these securities are freely tradable n a stck exchange. McMillan s.e.n.c.r.l., s.r.l./llp 1000 Sherbrke O./W., #2700, Mntréal, Québec, Canada H3A 3G4 t f Lawyers Patent & Trade-mark Agents Avcats Agents de brevets et de marques de cmmerce Vancuver Calgary Trnt Ottawa Mntréal Hng Kng mcmillan.ca

2 Page 2 Nature f the investment MICs, whether r nt listed, are crpratins subject t a special tax regime. The MIC's assets usually include nly mrtgages generating interest and, ccasinally, capital gains. Generally, the incme generated by the mrtgage prtfli (interest and capital gains) is nt taxed in the hands f the MIC but in thse f its sharehlders. The purpse f such single level f taxatin is t place the investrs in the same tax psitin as if they wned the mrtgages directly. What makes the MIC attractive fr investrs is the stability f its cash flw. A study cnducted by Dundee Capital Markets 1 reveals the fllwing findings regarding the nature f MICs, mainly thse listed n a stck exchange: 2 On average, 80% f their mrtgages are first-ranking. On average, the rati f the amunt f lans t the value f encumbered prperty is 54%, a large safety cushin in the event that lenders shuld run int difficulty. Lans are generally shrt-term, frm 18 t 36 mnths. Where interest rates are flating, they prvide a prtectin against interest rate increases. Furthermre, the shrt-term nature f the lans is anther frm f prtectin against rate fluctuatins. The prvisin fr lsses is n average 0.4% f the prtfli value. By way f cmparisn, frm 2008 t 2012, the allwance fr dubtful accunts f Canadian and American banks std at 0.9% and 4.37%. 1 Dundee Capital Markets, Mrtgage Investment Crpratins (MICs), Stable Yield Frm Mrtgage Investments, July 4, Based n a sample f seven exchange-listed MICs as at July 4, 2013 alng with Rmspen Investment Fund, an unlisted mutual fund trust which has a mrtgage prtfli f mre than 1 billin dllars.

3 Page 3 Lans generally remain repayable at any time. Therefre, the lender runs a certain risk f prepayment which is mitigated by the shrt-term nature f the lans. Typical Structure (1) Sme MICs are cntrlled by their prmter. (2) Shares r debentures. (3) Bank financing is usually used t finance the lans granted which will ultimately be repaid after the clsing f subsequent runds f financing with the public (e.g. warehusing f mrtgage lans t be refinanced), as well as the wrking capital. A management agreement may set ut annual fees, perfrmance bnuses, the sharing f the lan riginatin fees and service fees. In sme cases, the prmter is als a sharehlder f the MIC. Taxatin The MIC is a cnduit fr incme tax purpses. Mre precisely, it may deduct frm its incme dividends that it pays t its sharehlders. The crpratin may als deduct fifty percent f dividends riginating frm its capital gains realized during the year. The net result f this tax rule is that the MIC shuld nt have any taxes t pay n its incme if it distributes all f its incme as dividends t its sharehlders. Fr a sharehlder, dividends received, ther than thse related t capital gains, are deemed t be interest n bnds and nt dividends frm a crpratin. As fr net capital gains realized during the year which the MIC has chsen t distribute t its sharehlders, they are deemed t be capital gains realized by the

4 Page 4 sharehlder, nly 50% f which are t be included in the cmputatin f their incme. Eligible Investments The shares f a MIC are investments eligible fr a number f deferred incme plans, and TFSAs. It is an interesting investment fr these plans where they receive dividends (deemed t be interest) befre incme taxes. Mrtgage Investment Crpratin A crpratin is a MIC if, fr a taxatin year, it meets all f the fllwing cnditins thrughut the year: Residence and Incrpratin It was incrprated in, and is a resident f, Canada. Restricted Activities Its sle activity is the investment f its funds and it des nt manage r develp real r immvable prperty. Therefre, it may wn real r immvable prperty, subject t the restrictins described belw, but may nt manage r carry ut activities related t its develpment. Canadian Prperty Nne f its prperty cnsisted f the fllwing: indebtedness secured by real r immvable prperty situated utside Canada; indebtedness wed by nn-residents, except fr the debts secured by real r immvable prperty situated in Canada; shares f a crpratin that des nt reside in Canada; real r immvable prperties lcated abrad, r a leasehld interest n such prperties. Sharehlders and Sharehlding Threshld It must have at least 20 sharehlders, nne f whm, alne r tgether with

5 Page 5 related persns, held mre than 25% f issued shares f a class f its share capital. Nte that, t be listed n the TSXV r TSX exchange, a cmpany must have at least 200 r 300 sharehlders. Preferred Sharehlders' Rights Preferred sharehlders, after preferred dividends have been paid ut t them and after the same amunt has been paid t the cmmn sharehlders, they are entitled t receive the same prprtin f any additinal distributin f dividends as the cmmn sharehlders. There is n prescribed cnditin regarding vting rights. Fr example, it is pssible that the preferred shares may carry the right t vte, but nt the cmmn shares. 3 See abve the restrictin n maximum hldings per class f shares. Residential Mrtgages, Cash and Depsits At least 50% f the "cst amunt" 4 f all f its assets must riginate frm lans secured by "huses" r prperty included within a "husing prject" within the meaning f the Natinal Husing Act 5 frm 3 It shuld be nted that the ITA, fr such purpses, defines a cmmn share and a preferred share. What distinguishes ne frm the ther is the right t participate upn a reductin r redemptin f shares. First, a preferred share is a share that is nt a cmmn share. A cmmn share is a share the hlder f which is nt precluded n the reductin r redemptin f the capital stck frm participating in the assets f the crpratin beynd the amunt paid up n that share plus a fixed premium and a defined rate f dividend. 4 In general terms, "cst amunt" means, fr depreciable prperty r capital prperty, its nn-amrtized cst and, in ther cases, the cst f the prperty used fr incme tax purpses; 5 Sectin 2 f the Natinal Husing Act defines this wrd and expressin as fllws: "huse" means a building r mvable structure, r any part theref, that is intended fr human habitatin and cntains nt mre than tw family husing units, tgether with any interest in land appurtenant t the building, mvable structure r part theref; "husing prject" means a prject cnsisting f ne r mre huses, ne r mre multiple-family dwellings, husing accmmdatin f the hstel r drmitry type, ne

6 Page 6 its cash and depsits with a bank r a cmpany, sme f which are insured by the Canada Depsit Insurance Crpratin r by the Régie de l'assurance-dépôts du Québec, r with a credit unin. On certain prperty, mrtgage lans must be n a "huse" r a husing prject within the meaning f the Natinal Husing Act. It can be a cmpleted building r a building under cnstructin. Maximum Real Prperty The cst amunt f its real r immvable prperty, including any leasehld interest n such prperty (withut taking int accunt thse repssessed as a result f a default), must nt exceed 25% f the cst amunt f all its assets. Leverage Its "liabilities" 6 must nt exceed the difference between the cst amunt f all f its assets and its liabilities, multiplied by three (three fr ne), if, at any time f the year, the cst amunt f its mrtgages n residential prperty and its depsits described in the paragraph abve and its cash represent less than tw thirds f the cst amunt f all f its assets. In ther cases, its liabilities shuld nt exceed the difference between the cst amunt f all f its assets and its liabilities multiplied by five (five fr ne). by Claude Désy r mre cndminium units r any cmbinatin theref, tgether with any public space, recreatinal facilities, cmmercial space and ther buildings apprpriate t the prject, but des nt include a htel. 6 "Liabilities" means all f the cmpany's debts and all ther bligatins t pay sums f mney that have becme due.

7 Page 7 Fr mre infrmatin n this tpic, please cntact: Mntréal Claude Désy a cautinary nte The freging prvides nly an verview and des nt cnstitute legal advice. Readers are cautined against making any decisins based n this material alne. Rather, specific legal advice shuld be btained. McMillan LLP 2014

Are Insurance Premiums Deductible?

Are Insurance Premiums Deductible? Are Insurance Premiums Deductible? December 2011 Can I deduct the premiums? That s a questin yu prbably hear when yu re presenting an insurance cncept. Unfrtunately, the answer is generally n insurance

More information

GUIDELINES LICENSING OF FINANCIAL INSTITUTIONS

GUIDELINES LICENSING OF FINANCIAL INSTITUTIONS GUIDELINES FOR THE LICENSING OF FINANCIAL INSTITUTIONS IN TRINIDAD AND TOBAGO UNDER THE FINANCIAL INSTITUTIONS ACT, 1993 I. DEFINITIONS: Institutins may be licensed under the Financial Institutins Act,

More information

US defeasance and yield maintenance in commercial real estate loans--a view from the European market

US defeasance and yield maintenance in commercial real estate loans--a view from the European market Page 1 This article was first published n Lexis PSL Banking & Finance n 30 April 2014. Click here fr a free trial f Lexis PSL. US defeasance and yield maintenance in cmmercial real estate lans--a view

More information

U. S. Department of Housing and Urban Development Washington, D.C. 20410-8000. December 20, 2000

U. S. Department of Housing and Urban Development Washington, D.C. 20410-8000. December 20, 2000 U. S. Department f Husing and Urban Develpment Washingtn, D.C. 20410-8000 December 20, 2000 OFFICE OF THE ASSISTANT SECRETARY FOR HOUSING-FEDERAL HOUSING COMMISSIONER MORTGAGEE LETTER 00-46 TO: ALL APPROVED

More information

Kuck Immigration Partners. Source of Funds. -Worksheet and Document Checklist-

Kuck Immigration Partners. Source of Funds. -Worksheet and Document Checklist- Kuck Immigratin Partners Surce f Funds -Wrksheet and Dcument Checklist- 1 Table f Cntents General Rules... 3 Investrs Net Wrth Wrksheet:... 4 Dcumentatin:... 5 Identificatin and Bigraphic Dcuments... 5

More information

New 3.8% Medicare Tax on "Unearned" Net Investment Income

New 3.8% Medicare Tax on Unearned Net Investment Income New 3.8% Medicare Tax n "Unearned" Net Investment Incme Net investment incme- Incme received frm investment assets such as bnds, stcks, mutual funds, lans and ther investments Capital gain- When a capital

More information

Cyprus international business environment and tax favorable system

Cyprus international business environment and tax favorable system Tax publicatin 4.2014 Cyprus internatinal business envirnment and tax favrable system Cyprus Cyprus is strategically lcated between Eurpe, Asia and Africa and is recgnized as an internatinal center f excellence

More information

UBC Restricted Faculty Second Mortgage Loan Program Description of Key Terms

UBC Restricted Faculty Second Mortgage Loan Program Description of Key Terms UBC Restricted Faculty Secnd Mrtgage Lan Prgram Descriptin f Key Terms Updated February 4, 2014 The Restricted Resale Capped Appreciatin Prgram is ne f tw ptins in UBC s Hme Ownership Prgram intended t

More information

Investments and Fair Value Accounting

Investments and Fair Value Accounting C H A P T E R 15 Investments and Fair Value Accunting Financial Accunting 14e Warren Reeve Duchac human/istck/360/getty Images Investing Cash in Current Operatins Cash may be used t replace wrn-ut equipment

More information

City of Gold Coast. Debt Management. Public Statement

City of Gold Coast. Debt Management. Public Statement City f Gld Cast Debt Management Public Statement Octber 2015 This statement explains the City f Gld Cast s debt management apprach and psitin. It includes the fllwing: Overall Financial Psitin Prfit and

More information

Enterprise Investment Scheme. Tax efficiency for investors

Enterprise Investment Scheme. Tax efficiency for investors Enterprise Investment Scheme Tax efficiency fr investrs Intrductin Welcme t Keyntes. Keyntes is a mnthly event and publicatin t help early stage businesses get t grips with key legal issues. A bit abut

More information

UNCITRAL COLLOQIUM ON FINANCING INTELLECTUAL PROPERTY ASSETS. (by: Kiriakoula Hatzikiriakos, McMillan Binch Mendelsohn)

UNCITRAL COLLOQIUM ON FINANCING INTELLECTUAL PROPERTY ASSETS. (by: Kiriakoula Hatzikiriakos, McMillan Binch Mendelsohn) UNCITRAL COLLOQIUM ON FINANCING INTELLECTUAL PROPERTY ASSETS (by: Kiriakula Hatzikiriaks, McMillan Binch Mendelshn) The purpse f this paper is t highlight sme issues and recmmendatins t be cnsidered during

More information

Loan Application for Pre- Approval

Loan Application for Pre- Approval Lan Applicatin fr Pre- Apprval Get pre-apprved fr yur hme lan financing tday by cmpleting this applicatin. Please cmplete the entire applicatin and return with the dcumentatin requested n the attached

More information

Conventional Condominium Policy

Conventional Condominium Policy Cnventinal Cndminium Plicy www.newleafwhlesale.cm Overview NewLeaf will riginate and fund mrtgage lans secured by units in cndminium prjects that meet FNMA/FHLMC/ NewLeaf eligibility criteria. Cndminium

More information

Corporations Q&A. Shareholders. 2006 Edward R. Alexander, Jr.

Corporations Q&A. Shareholders. 2006 Edward R. Alexander, Jr. Crpratins Q&A. What is a crpratin and why frm ne? A crpratin is a business entity that is separate and distinct frm its wners. It can enter cntracts, sue and be sued withut invlving its wners (the sharehlders).

More information

Sonny s Franchise Company 201 North New York Avenue 3rd floor Winter Park, FL 32789

Sonny s Franchise Company 201 North New York Avenue 3rd floor Winter Park, FL 32789 Snny s Franchise Cmpany 201 Nrth New Yrk Avenue 3rd flr Winter Park, FL 32789 Phne: (407) 660-8888 Fax: (407) 660-1285 Email: sates@snnysbbq.cm Name Address PRELIMINARY FRANCHISE APPLICATION Befre filling

More information

Understanding Federal Direct Consolidation Loans. 2012 Spring MASFAA Conference

Understanding Federal Direct Consolidation Loans. 2012 Spring MASFAA Conference Understanding Federal Direct Cnslidatin Lans 2012 Spring MASFAA Cnference UNDERSTANDING FEDERAL DIRECT & SPECIAL CONSOLIDATION LOANS Amy M. Mser, Reginal Directr Nelnet Educatin Lan Services 2 Nelnet Educatin

More information

Annuities and Senior Citizens

Annuities and Senior Citizens Illinis Insurance Facts Illinis Department f Insurance January 2010 Annuities and Senir Citizens Nte: This infrmatin was develped t prvide cnsumers with general infrmatin and guidance abut insurance cverages

More information

PLANNING FOR QUALITY CARE AND INDEPENDENCE. Why you need to plan for long-term care assistance, and what funding options are available.

PLANNING FOR QUALITY CARE AND INDEPENDENCE. Why you need to plan for long-term care assistance, and what funding options are available. PLANNING FOR QUALITY CARE AND INDEPENDENCE Why yu need t plan fr lng-term care assistance, and what funding ptins are available. PLANNING FOR QUALITY CARE AND INDEPENDENCE The value f planning ahead The

More information

Basics Of Stock Market. By Ronak Nangalia Sohrab Kothari

Basics Of Stock Market. By Ronak Nangalia Sohrab Kothari Basics Of Stck Market By Rnak Nangalia Shrab Kthari Investment & Need f Investment The mney yu earn is partly spent and the rest saved fr meeting future expenses. Instead f keeping the savings idle yu

More information

4370.4 REV-1. cash flows from operating activities, cash flows from investing activities, and cash flows from financing activities.

4370.4 REV-1. cash flows from operating activities, cash flows from investing activities, and cash flows from financing activities. CHAPTER 5 STATEMENT OF CASH FLOWS IN DETAIL 5-1 Cash is the lifebld f any nging cncern. Cash is INTRODUCTION the fuel that keeps the business aflat. As was stated in Chapter 2, the Balance Sheet and the

More information

Secondary Financing in FHA Insured Low Income Housing Tax Credit Projects September 23, 2015

Secondary Financing in FHA Insured Low Income Housing Tax Credit Projects September 23, 2015 Secndary Financing in FHA Insured Lw Incme Husing Tax Credit Prjects September 23, 2015 Aarn O Tle, Partner Klein Hrnig LLP 1325 G Street NW, Suite 770 Washingtn, DC 20005 atle@kleinhrnig.cm 202 842 0127

More information

Improved ADP and ACP Safe Harbor Plan Designs

Improved ADP and ACP Safe Harbor Plan Designs Imprtant Infrmatin Plan Administratin and Operatin April 2000* Imprved ADP and ACP Safe Harbr Plan Designs WHO'S AFFECTED This infrmatin applies t defined cntributin plans with a 401(k) feature r emplyer

More information

INCOME TAX INSURANCE PERSONAL SICKNESS AND ACCIDENT INSURANCE TAKEN OUT BY EMPLOYEE WITH EMPLOYER PAYING THE PREMIUMS ON EMPLOYEE S BEHALF

INCOME TAX INSURANCE PERSONAL SICKNESS AND ACCIDENT INSURANCE TAKEN OUT BY EMPLOYEE WITH EMPLOYER PAYING THE PREMIUMS ON EMPLOYEE S BEHALF QUESTION WE VE BEEN ASKED QB 15/09 INCOME TAX INSURANCE PERSONAL SICKNESS AND ACCIDENT INSURANCE TAKEN OUT BY EMPLOYEE WITH EMPLOYER PAYING THE PREMIUMS ON EMPLOYEE S BEHALF All legislative references

More information

SBA 504 Financing. Long Term Asset Financing Made Possible. Glen Heller, Relationship Manager Nancy Sheridan, Specialty Finance Officer

SBA 504 Financing. Long Term Asset Financing Made Possible. Glen Heller, Relationship Manager Nancy Sheridan, Specialty Finance Officer SBA 504 Financing Lng Term Asset Financing Made Pssible Glen Heller, Relatinship Manager Nancy Sheridan, Specialty Finance Officer These prpsals are cntingent upn final Chase Bank review and apprval frm

More information

Loan Repayment Planning Worksheet

Loan Repayment Planning Worksheet Lan Repayment Planning Wrksheet Date: Think f yur federal student lans as yur EDUCATION MORTGAGE. It is the financing yu ve brrwed t make this imprtant investment in yurself. The gd news is that this mrtgage

More information

CFD AND SPOT FOREX TERMS: DEPOSIT ACCOUNTS

CFD AND SPOT FOREX TERMS: DEPOSIT ACCOUNTS 1. Structure 1.1 When we engage in cfd r spt frex trading with yu, we d s n the basis f: - ur General Terms; these terms, i.e. ur CFD and Spt Frex Terms. 1.2 The CFD and Spt Frex Terms deal with matters

More information

Year End Tax Planning

Year End Tax Planning www.mvandersn.cm.au Year End Tax Planning 2014/15 Individual Tax Return Checklist Yur Checklist Claims fr deductins ü Receipts fr deductins ü Car claims and lg bks ü Please review the infrmatin belw and

More information

VET FEE-HELP Frequently Asked Questions for Students May 2010

VET FEE-HELP Frequently Asked Questions for Students May 2010 Hw d I apply? VET FEE-HELP Frequently Asked Questins fr Students May 2010 If yu are eligible fr VET FEE-HELP assistance and wuld like t btain a VET FEE-HELP lan, yu shuld btain a Request fr VET FEE-HELP

More information

Information Guide Booklet. Home Loans

Information Guide Booklet. Home Loans Infrmatin Guide Bklet Hme Lans This Infrmatin Guide bklet prvides yu with general infrmatin nly. It will als help yu t better understand any recmmendatins we have made fr yu. Infrmatin Guide Hme Lans January

More information

EMPOWERING LOCAL BUSINESS TO ACCESS FUNDING. PARTIAL CREDIT GUARANTEE and SUPPLY CHAIN FINANCING

EMPOWERING LOCAL BUSINESS TO ACCESS FUNDING. PARTIAL CREDIT GUARANTEE and SUPPLY CHAIN FINANCING EMPOWERING LOCAL BUSINESS TO ACCESS FUNDING PARTIAL CREDIT GUARANTEE and SUPPLY CHAIN FINANCING Cntents Mandate f the Lesth Natinal Develpment Crpratin Backgrund Enterprise Develpment Facility Partial

More information

Delaware, u.s.a Limited Liability Company

Delaware, u.s.a Limited Liability Company Delaware, u.s.a Limited Liability Cmpany Key Pints: Delaware s crprate law is ne f the mst flexible laws in the U.S.A. The Delaware Curt f Chancery is the curt respnsible fr crprate litigatin. It fcuses

More information

HOW YOUR PREMIUMS ARE CALCULATED. Commercial Term Loans

HOW YOUR PREMIUMS ARE CALCULATED. Commercial Term Loans Grup Plicy N. 60210 The Cmmercial Lan Insurance Plan is prvided by The Canada Life Assurance Cmpany (Canada Life) under Grup Plicy n. 60210 (the Plicy ) issued t BMO Bank f Mntreal (the Bank ). This Certificate

More information

What is an SBA Loan? SBA Loans

What is an SBA Loan? SBA Loans SBA Lans The State Bank is a Preferred SBA (Small Business Administratin) Lender. The State Bank has delegated authrity t underwrite and apprve SBA lans n behalf f the SBA, thereby greatly expediting the

More information

Letter of Engagement. as instructed from time to time in respect of your/the company/trusts affairs

Letter of Engagement. as instructed from time to time in respect of your/the company/trusts affairs We enclse material which sets ut: Letter f Engagement Infrmatin fr clients which lawyers are required by the New Zealand Law Sciety t prvide; and Our standard terms f engagement. Services t be prvided

More information

Refinancing Section 95 & 61 co-ops CHF Canada s Refinancing Program

Refinancing Section 95 & 61 co-ops CHF Canada s Refinancing Program Refinancing Sectin 95 & 61 c-ps CHF Canada s Refinancing Prgram Lndn Educatin Event 2015 0 CHF Canada s Refinancing Prgram Intrductins Sectin 95 & Sectin 61 Purpse f the Refinancing Prgram Hw the new mrtgage

More information

How much life insurance do I need? Wrong question!

How much life insurance do I need? Wrong question! Hw much life insurance d I need? Wrng questin! We are ften asked this questin r sme variatin f it. We believe it is NOT the right questin t ask. What yu REALLY need is mney, cash. S the questin shuld be

More information

THE EMPLOYMENT LAW DISPUTE SPECIALISTS DAMAGES BASED AGREEMENT. Your Employment Tribunal claim relating to your employment with...

THE EMPLOYMENT LAW DISPUTE SPECIALISTS DAMAGES BASED AGREEMENT. Your Employment Tribunal claim relating to your employment with... THE EMPLOYMENT LAW DISPUTE SPECIALISTS DAMAGES BASED AGREEMENT 1. What is cvered by this agreement Yur Emplyment Tribunal claim relating t yur emplyment with... 2. What is nt cvered by this agreement 2.1

More information

E-ALERT Financial Institutions

E-ALERT Financial Institutions E-ALERT Financial Institutins BEIJING BRUSSELS LONDON NEW YORK SAN DIEGO SAN FRANCISCO SILICON VALLEY WASHINGTON www.cv.cm March 19, 2010 SENATE FINANCIAL REFORM LEGISLATION ADDRESSES PROPRIETARY TRADING

More information

Citizens, Inc. Reports Third Quarter three and nine months 2014 Results Investor Conference Call Scheduled for November 6, 2014, at 10:00 a.m.

Citizens, Inc. Reports Third Quarter three and nine months 2014 Results Investor Conference Call Scheduled for November 6, 2014, at 10:00 a.m. NEWS RELEASE FOR IMMEDIATE RELEASE Nvember 5, 2014 FOR FURTHER INFORMATION CONTACT: Kay Osburn Chief Financial Officer (512) 837-7100 PR@citizensinc.cm Citizens, Inc. Reprts Third Quarter three and nine

More information

IDENTIFICATION FORM 3: TRUSTS, TRUSTEES & SMSFs

IDENTIFICATION FORM 3: TRUSTS, TRUSTEES & SMSFs IDENTIFICATION FORM 3: TRUSTS, TRUSTEES & SMSFs GUIDE TO COMPLETING THIS FORM Cmplete the fllwing in BLOCK LETTERS: Sectin 1 (all parts) all trusts. AND select and cmplete ne f the fllwing sectins fr ONLY

More information

Exemptions and Deductions Part-I

Exemptions and Deductions Part-I Exemptins and Deductins Part-I CA Paras K. Savla Exemptins and Deductins Part-I I) Sectin 10(10D) Taxability f receipts under Life insurance plicy A. Life Insurance n live s f persns with disability r

More information

LASTING POWER OF ATTORNEY EXPLANATORY LEAFLET

LASTING POWER OF ATTORNEY EXPLANATORY LEAFLET LASTING POWER OF ATTORNEY EXPLANATORY LEAFLET A Pwer f Attrney is a legal dcument where a persn gives anther persn r persns (the Attrney) authrity t make certain decisins n his r her behalf. A Lasting

More information

Notice of Protection Provided by Utah Life and Health Insurance Guaranty Association

Notice of Protection Provided by Utah Life and Health Insurance Guaranty Association Ntice f Prtectin Prvided by Utah Life and Health Insurance Guaranty Assciatin This ntice prvides a brief summary f the Utah Life and Health Insurance Guaranty Assciatin ("the Assciatin") and the prtectin

More information

Mongolian Economic Entity Income Tax Law Comparison of Existing Law and Version Passed 29 June 2006

Mongolian Economic Entity Income Tax Law Comparison of Existing Law and Version Passed 29 June 2006 Taxpayers Cmpanies, cperatives, partnerships, freign cmpanies and jint ventures in Mnglia Freign cmpany representative ffice Banks, credit r insurance cmpanies and similar entities Nn-gvernmental rganizatins

More information

GUIDELINES FOR APPLYING FOR AUSTRALIAN CAPITAL TERRITORY (ACT) NOMINATION OF A BUSINESS INNOVATION AND INVESTMENT (PROVISIONAL) (SUBCLASS 188) VISA

GUIDELINES FOR APPLYING FOR AUSTRALIAN CAPITAL TERRITORY (ACT) NOMINATION OF A BUSINESS INNOVATION AND INVESTMENT (PROVISIONAL) (SUBCLASS 188) VISA GUIDELINES FOR APPLYING FOR AUSTRALIAN CAPITAL TERRITORY (ACT) NOMINATION OF A BUSINESS INNOVATION AND INVESTMENT (PROVISIONAL) (SUBCLASS 188) VISA BUSINESS INNOVATION STREAM The Australian Capital Territry

More information

A Guide to Understanding and Claiming the Disability Tax Credit:

A Guide to Understanding and Claiming the Disability Tax Credit: A Guide t Understanding and Claiming the Disability Tax Credit: The Gvernment f Canada ffers a variety f tax benefits t peple with disabilities. These benefits are prvided under the assumptin that peple

More information

Citizens, Inc. Reports First Quarter 2012 Results Investor conference call scheduled for Tuesday, May 8, at 10 a.m. CDT

Citizens, Inc. Reports First Quarter 2012 Results Investor conference call scheduled for Tuesday, May 8, at 10 a.m. CDT NEWS RELEASE FOR FURTHER INFORMATION CONTACT: Kay Osburn Chief Financial Officer (512) 837-7100 PR@citizensinc.cm FOR IMMEDIATE RELEASE May 7, 2012 Citizens, Inc. Reprts First Quarter 2012 Results Investr

More information

Town of Wayland, Massachusetts Investment Policy Statement General Fund & Trust Funds

Town of Wayland, Massachusetts Investment Policy Statement General Fund & Trust Funds Twn f Wayland, Massachusetts Investment Plicy Statement General Fund & Trust Funds I. The Investment f General Funds, Special Revenue Funds, Enterprise Funds, and Capital Prjects Funds A. Scpe This sectin

More information

ICBA Summary of Ability-to-Repay/ Qualified Mortgage Final Rules

ICBA Summary of Ability-to-Repay/ Qualified Mortgage Final Rules ICBA Summary f Ability-t-Repay/ Qualified Mrtgage Final Rules September 2013 Cntact: Elizabeth Eurgubian Vice President and Regulatry Cunsel elizabeth.eurgubian@icba.rg www.icba.rg ICBA Summary f Ability-t-Repay/Qualified

More information

Financial Planning Agreement

Financial Planning Agreement Financial Planning Agreement This Financial Planning Agreement, the ( Agreement ), dated as f, 20, is by and between Vulcan Investments LLC, 2100 SuthBridge Pkwy, Suite 650 Birmingham, AL. 35209, an investment

More information

The shared ownership calculator is available to download from the HCA s capital funding guide.

The shared ownership calculator is available to download from the HCA s capital funding guide. Shared Ownership Affrdability Calculatrs Guidance nte Plicy The calculatr has been created t supprt further emphases being placed n applicants applying fr shared wnership maximising their wn cntributin

More information

Group Term Life Insurance: Table I Straddle Testing and Imputed Income for Dependent Life Insurance

Group Term Life Insurance: Table I Straddle Testing and Imputed Income for Dependent Life Insurance An American Benefits Cnsulting White Paper American Benefits Cnsulting, LLC 99 Park Ave, 25 th Flr New Yrk, NY 10016 212 716-3400 http://www.abcsys.cm Grup Term Life Insurance: Table I Straddle Testing

More information

Special Tax Notice Regarding 403(b) (TSA) Distributions

Special Tax Notice Regarding 403(b) (TSA) Distributions Special Tax Ntice Regarding 403(b) (TSA) Distributins P.O. Bx 7893 Madisn, WI 53707-7893 1-800-279-4030 Fax: (608) 237-2529 The IRS requires us t prvide yu with a cpy f the Explanatin f Direct Rllver,

More information

July 17, 2015. Response of the Office of Structured Finance Division of Corporation Finance

July 17, 2015. Response of the Office of Structured Finance Division of Corporation Finance Respnse f the Office f Structured Finance Divisin f Crpratin Finance Re: Crescent Capital Grup LP Incming letter dated Based n the facts and representatins presented, the Divisin s views are as fllws.

More information

Virginia State Taxes

Virginia State Taxes Crprate Incme Tax Rate: 6% The crprate incme tax rate in Virginia has nt been mdified since 1972. As it is applied t federal taxable incme, it functins as a deductin frm federal taxes. If a crpratin is

More information

CFD and Spot Forex Terms: Deposit Accounts

CFD and Spot Forex Terms: Deposit Accounts CFD and Spt Frex Terms: Depsit Accunts 1. Structure 1.1 When we engage in CFD r Spt Frex trading with yu, we d s n the basis f: - ur General Terms; these terms, i.e. ur CFD and Spt Frex Terms. 1.2 The

More information

Town of Windham. Property Tax Credit & Exemption Programs - RSA 72

Town of Windham. Property Tax Credit & Exemption Programs - RSA 72 Twn f Windham Prperty Tax Credit & Exemptin Prgrams - RSA 72 T be eligible, Applicant must file a request, in persn, with the Assessr s Office n r befre April 15 th f any given year, and Applicant must

More information

Introduction to the Community Reinvestment Act Housing Action Illinois 2015 Housing Matters! Conference

Introduction to the Community Reinvestment Act Housing Action Illinois 2015 Housing Matters! Conference Intrductin t the Cmmunity Reinvestment Act Husing Actin Illinis 2015 Husing Matters! Cnference Nvember 5, 2015 Develping Bank Partnerships Bank Mtives fr Partnerships: l Welfare f the cmmunity and the

More information

Life Maker Pension Plan

Life Maker Pension Plan COVER PAGE Life Maker Pensin Plan IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. A pensin plan that helps yu plan yur secnd innings. INSIDE PAGES The Life Maker

More information

Here are some simple guidelines to follow for making wise investments:

Here are some simple guidelines to follow for making wise investments: FAQ - Investment 1. What affects the value f mney? Mney has a tendency t lse its value ver time because the price f gds and services has an upward tendency. This is called inflatin. Here are sme factrs

More information

President Obama and Secretary Geithner Announce Plans to Unlock Credit for Small Businesses

President Obama and Secretary Geithner Announce Plans to Unlock Credit for Small Businesses THE WHITE HOUSE Office f the Press Secretary FOR IMMEDIATE RELEASE March 16, 2009 President Obama and Secretary Geithner Annunce Plans t Unlck Credit fr Small Businesses Emphasizes Recvery Effrts Already

More information

FAQs about Registration & Licensing in Dubai

FAQs about Registration & Licensing in Dubai FAQs abut Registratin & Licensing in Dubai Trade Names 1. Is it required t register a trade name in rder t apply fr an initial apprval? N, a trade name may be bked fr ne year renewable perid, against payment

More information

Social Assistance Rates Update

Social Assistance Rates Update Scial Assistance Rates Update and infrmatin n the Ontari Child Benefit The 2013 Ontari budget included a number f changes t scial assistance. INCOME SECURITY ADVOCACY CENTRE ISAC has prepared several fact

More information

CFD and Spot Forex Terms: Deposit Accounts

CFD and Spot Forex Terms: Deposit Accounts CFD and Spt Frex Terms: Depsit Accunts 1. Structure 1.1 When we engage in CFD r Spt Frex trading with yu, we d s n the basis f: - ur General Terms; these terms, i.e. ur CFD and Spt Frex Terms. 1.2 The

More information

Operating as an S corporation may be wise for several reasons:

Operating as an S corporation may be wise for several reasons: S Crpratin Facts S crpratins are similar t LLCs in that they prvide wners with limited liability prtectin while ffering the tax structure f a partnership. Many entrepreneurs have tw gals when chsing a

More information

Rolodex of. Tampa Bay Hard Money Lenders for. Future Millionaires

Rolodex of. Tampa Bay Hard Money Lenders for. Future Millionaires Rldex f Tampa Bay Hard Mney Lenders fr Future Millinaires AHL Hard Mney... 2 Blazevic Funding Grup... 3 Brkview Financial... 4 Blackhawk Funding... 5 NDLS Crp.. 6 WestShre Mrtgage... 7 CT Capital... 8

More information

YOUR DUTIES AS EXECUTOR

YOUR DUTIES AS EXECUTOR Gibney & Gunsn LAWYERS New Suth Wales & Victria YOUR DUTIES AS EXECUTOR The funeral Yu may be required t make the funeral arrangements. In mst instances, clse family r friends attend t funeral arrangements

More information

COMMERCIAL LOAN APPLICATION PACKAGE

COMMERCIAL LOAN APPLICATION PACKAGE COMMERCIAL LOAN APPLICATION PACKAGE COMMERCIAL LOAN REQUEST FORM Infrmatin Checklist The fllwing checklist will help yu gather the necessary infrmatin fr the initial evaluatin f yur cmmercial lan request.

More information

Retirement Planning Options Annuities

Retirement Planning Options Annuities Retirement Planning Optins Annuities Everyne wants a glden retirement. But saving fr retirement is n easy task. The baby bmer generatin is graying. Mre and mre peple are appraching retirement age. With

More information

Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses

Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses Disclsures abut the Credit Quality f Financing Receivables and the Allwance fr Credit Lsses During July 2010 the FASB issued Accunting Standards Update 2010-20 Disclsures abut the Credit Quality f Financing

More information

FundingEdge. Guide to Business Cash Advance & Bank Statement Loan Programs

FundingEdge. Guide to Business Cash Advance & Bank Statement Loan Programs Guide t Business Cash Advance & Bank Statement Lan Prgrams Cash Advances: $2,500 - $1,000,000 Business Bank Statement Lans: $5,000 - $500,000 Canada Cash Advances: $5,000 - $500,000 (must have 9 mnths

More information

IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER.

IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. Life Invest TM Plan UIN 104L031V01 IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. Life Invest is a pwerful insurance plan that empwers yu t manage yur investments

More information

Low and Moderate Income Rental (LMIR) and Flexible Financing for Capital Costs (FFCC) Programs Procedural Guide

Low and Moderate Income Rental (LMIR) and Flexible Financing for Capital Costs (FFCC) Programs Procedural Guide Lw and Mderate Incme Rental (LMIR) and Flexible Financing fr Capital Csts (FFCC) Prgrams Prcedural Guide Nvember 2015 Minnesta Husing des nt discriminate n the basis f race, clr, creed, natinal rigin,

More information

Point2 Property Manager Quick Setup Guide

Point2 Property Manager Quick Setup Guide Click the Setup Tab Mst f what yu need t get started using Pint 2 Prperty Manager has already been taken care f fr yu. T begin setting up yur data in Pint2 Prperty Manager, make sure yu have cmpleted the

More information

FORM CO-411 Instructions Corporate Income Tax Return

FORM CO-411 Instructions Corporate Income Tax Return New fr 2014 Wh Must File? FORM CO-411 Instructins Crprate Incme Tax Return Please print in BLUE r BLACK ink nly. All C Crpratins use Frm CO-411 and related schedules. The frm set has been mdified t accmmdate

More information

Insurance Frequently Asked Questions

Insurance Frequently Asked Questions Insurance FrequentlyAskedQuestins MEMBERSINSURANCECOVERAGE Whataremembers(bthcmpetitinandrecreatin)cveredfr? Pleaseseetheattachedflyer Isthereadifferencebetweenarecreatinalmemberandcmpetitinmember? N Frmwhatagetwhatagearememberscveredbyinsurance?

More information

LASA. Swansea s Credit Union. Loan Application Form. Loans and Savings Abertawe

LASA. Swansea s Credit Union. Loan Application Form. Loans and Savings Abertawe LASA Lans and Savings Abertawe Swansea s Credit Unin Lan Applicatin Frm Frequently Asked Questins YOUR QUESTIONS ANSWERED PLEASE READ CAREFULLY Hw much can I brrw? The amunt f any lan granted is subject

More information

Research Report. Abstract: The Emerging Intersection Between Big Data and Security Analytics. November 2012

Research Report. Abstract: The Emerging Intersection Between Big Data and Security Analytics. November 2012 Research Reprt Abstract: The Emerging Intersectin Between Big Data and Security Analytics By Jn Oltsik, Senir Principal Analyst With Jennifer Gahm Nvember 2012 2012 by The Enterprise Strategy Grup, Inc.

More information

Wire Transfer Request

Wire Transfer Request Wire Transfer Request Requirements and Instructins OFFICE OF DISBURSEMENTS Categry: Dcument Name: Payment Prcessing Wire Transfer Request - Requirements and Instructins Respnsible Department: Office f

More information

Bill Payment Agreement & Disclosures

Bill Payment Agreement & Disclosures Bill Payment Agreement & Disclsures Welcme t Online Banking Bill Payment Service. Use f the Bill Payment Service indicates acceptance f terms and cnditins set frth in the Online Banking Agreement & Disclsures

More information

CLEARANCE REVIEWS FOR STUDENT RESTRICTION ISSUES OTHER THAN ACADEMIC PROGRESS

CLEARANCE REVIEWS FOR STUDENT RESTRICTION ISSUES OTHER THAN ACADEMIC PROGRESS CLEARANCE REVIEWS FOR STUDENT RESTRICTION ISSUES OTHER THAN ACADEMIC PROGRESS Only the Ministry f Training, Clleges & Universities can cnsider clearance reviews fr mst ther student restrictin issues. These

More information

- Upfront fee of $ + GST - Ongoing fee commencing immediately after plan implementation of $20.00 + GST per fortnight.

- Upfront fee of $ + GST - Ongoing fee commencing immediately after plan implementation of $20.00 + GST per fortnight. Cntract f engagement This cntract f engagement is between FSB 4 Financial Limited (the adviser) and (the client). Purpse This cntract establishes the relatinship between the adviser and the client relating

More information

Coordinating Dual Eligibles Medicare and Medicaid Managed Medical Assistance Benefits

Coordinating Dual Eligibles Medicare and Medicaid Managed Medical Assistance Benefits Crdinating Dual Eligibles Medicare and Medicaid Managed Medical Assistance Benefits Medicare beneficiaries wh have limited incme and resurces may get help paying fr their Medicare premiums and ut-f-pcket

More information

Exploring your Student Loan Repayment Options

Exploring your Student Loan Repayment Options Explring yur Student Lan Repayment Optins Student Lan Crisis Yu Are Nt Alne! Currently at $1.26 trillin Increasing at $2,854 per secnd Average debt lad $29,400 43 millin Americans carrying student lan

More information

Fixed vs. Variable Interest Rates

Fixed vs. Variable Interest Rates Fixed vs. Variable Interest Rates Understanding the Advantages and Disadvantages f Each Rate Type When shpping fr financial prducts, there are a lt f factrs t cnsider. Much has changed in the financial

More information

Solo 401(k)s Self-Directed Retirement Accounts for Sole Proprietors & Small Business Owners

Solo 401(k)s Self-Directed Retirement Accounts for Sole Proprietors & Small Business Owners Sl 401(k)s Self-Directed Retirement Accunts fr Sle Prprietrs & Small Business Owners 2008 Security Trust Cmpany Security Trust Cmpany Security Trust Cmpany is a retirement plan administratr nly and des

More information

Owner Occupied Rehab Program

Owner Occupied Rehab Program Owner Occupied Rehab Prgram This prgram utilizes grant funds frm the Indiana Husing and Cmmunity Develpment Authrity t assist the hmewner with repairs such as: rf, gutters, bathrm renvatins, flrs, drs,

More information

A. Particulars of councillor. B. Particulars of related person. Signature and date of statement

A. Particulars of councillor. B. Particulars of related person. Signature and date of statement Versin Number: January 2012 Lcal Gvernment (Operatins) Regulatin 2010 Sectin 107 Frm 2 Register f interests f a cuncillr and their related persns This frm is t be used: a. fr initial ldgement f yur register

More information

COLLATERAL VERIFICATION REVIEWS FREQUENTLY ASKED QUESTIONS

COLLATERAL VERIFICATION REVIEWS FREQUENTLY ASKED QUESTIONS NEW OR UPDATED ITEMS FOR 2016 Pwers f Attrney (Flrida & Gergia) The Bank is annuncing a new cllateral eligibility requirement fr lans clsed under pwer f attrney and secured by real estate lcated in the

More information

Spread Bet Terms: Deposit Accounts

Spread Bet Terms: Deposit Accounts Spread Bet Terms: Depsit Accunts 1. Structure 1.1 When we engage in Spread Betting with yu, we d s n the basis f: - ur General Terms; these terms, i.e. ur Spread Terms. 1.2 The Spread Terms deal with matters

More information

Guidance for Financial Analysts to model the impact of aircraft noise on Flughafen Zürich AG s financial statements

Guidance for Financial Analysts to model the impact of aircraft noise on Flughafen Zürich AG s financial statements Guidance fr Financial Analysts t mdel the impact f aircraft nise n Flughafen Zürich AG s financial statements Zurich Airprt, March 17, 2015 Intrductin The bjective f this dcument is t explain the impact

More information

7 October 2011. Re: Themed Inspection into Third Party Personal Injury Claims. Dear

7 October 2011. Re: Themed Inspection into Third Party Personal Injury Claims. Dear 7 Octber 2011 Re: Themed Inspectin int Third Party Persnal Injury Claims Dear During 2011 the Central Bank f Ireland ( Central Bank ) undertk a themed inspectin prject in relatin t the prcessing f third

More information

Your application binds neither yourself nor ING Belgium until the loan agreement has been signed in your ING branch, and after verification by ING.

Your application binds neither yourself nor ING Belgium until the loan agreement has been signed in your ING branch, and after verification by ING. Frequently Asked Questins My applicatin fr an ING lan has been accepted. S, where d I have t g t sign the agreements? What is the minimum term fr an instalment lan? What is the maximum term fr an instalment

More information

RIVERSIDE TRANSIT AGENCY FULL-TIME ATU EMPLOYEES NEW HIRE ENROLLMENT OVERVIEW 2015

RIVERSIDE TRANSIT AGENCY FULL-TIME ATU EMPLOYEES NEW HIRE ENROLLMENT OVERVIEW 2015 RIVERSIDE TRANSIT AGENCY FULL-TIME ATU EMPLOYEES NEW HIRE ENROLLMENT OVERVIEW 2015 Riverside Transit Agency (RTA) is extremely prud f the package f benefits available t yu. The benefits package prvided

More information

Skrill Merchant Services Application Form

Skrill Merchant Services Application Form Skrill Merchant Services Applicatin Frm Skrill Merchant Services Applicatin Frm (the Applicatin ) shuld be signed by r n behalf f the Merchant. It is very imprtant that the Merchant has read the Applicatin

More information

A SUMMARY OF RECENT DEVELOPMENTS AND ACHIEVEMENTS IN BRAZILIAN DEBT MANAGEMENT

A SUMMARY OF RECENT DEVELOPMENTS AND ACHIEVEMENTS IN BRAZILIAN DEBT MANAGEMENT A SUMMARY OF RECENT DEVELOPMENTS AND ACHIEVEMENTS IN BRAZILIAN DEBT MANAGEMENT Public Debt Strategic Planning Department COGEP The year f 2003 has been a favrable year fr reaching significant develpments

More information

IFRS Discussion Group

IFRS Discussion Group IFRS Discussin Grup Reprt n the Public Meeting February 26, 2014 The IFRS Discussin Grup is a discussin frum nly. The Grup s purpse is t assist the Accunting Standards Bard (AcSB) regarding issues arising

More information

Cell Phone & Data Access Policy Frequently Asked Questions

Cell Phone & Data Access Policy Frequently Asked Questions Cell Phne & Data Access Plicy Frequently Asked Questins 1. Wh is eligible fr a technlgy allwance? First and fremst, the technlgy allwance is fr the benefit f the University, rather than fr the cnvenience

More information

Morningstar Document Research

Morningstar Document Research Mrningstar Dcument Research FORM SC 13G/A CAPITAL VENTURES INTERNATIONAL - JRCC Filed: February 13, 2014 (perid: ) Amendment t the SC 13G filing The infrmatin cntained herein may nt be cpied, adapted r

More information