Premiere Canadian Mortgage Corporation

Location:

#200 - 586 Leon AvenueKelownaBritish ColumbiaV1Y 6J6Canada View Map

Revenue:

$2.4 Million

Employees:

12

Industries:

Phone:

(800) 663-4150

Fax:

(877) 600-3362
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Description:

Premiere Canadian Mortgage Corporation is a private mortgage company which is owned by its shareholders. Those shareholders own its shares which are broken down as follows: Class A Shares -- These are the voting shares, which are sold for one dollar each. Each shareholder owns one class a share, which gives them one vote at the Annual General Meeting. Class B Shares -- These are the dividend eligible shares, also sold for one dollar each. For example, someone may wish to invest $50,000 into the business. The cost would then actually be $50,001, representing 50,000 class B shares and one class A share. Once you become a shareholder, you are eligible to receive dividends [which are treated as interest for tax purposes], on your class B shares, from the date of the investment until the end of the company's year end, which is August 31st of each year. Once our audited financial statements are completed by our accountants, the yield is calculated and your portion of profits is distributed to you, within three months of fiscal year end. If you wish to reinvest your dividends for the purchase of additional class B shares, dividends would start to accrue on the new share purchases as of the beginning of the new fiscal year, September 1st. Interest is paid out annually within 90 days of our fiscal year end, which is August 31 of each year. Premiere Canadian Mortgage Corporation is a company which invests most of its funds in a variety of mortgages thus reducing risk. These mortgages are spread through the provinces of British Columbia, Alberta, Manitoba, and Ontario. As of August 31, 2016, the Company owned, or had invested in 416 mortgages. Approximately 98% of the total dollar amounts were first mortgages, and the balance second mortgages. Over 94% of the portfolio consisted of residential mortgages, and the average mortgage totaled Approximately $173,000. A Mortgage Investment Corporation is a special company set up under the income tax act. It is special in that its shares are an eligible investment for a self administered Registered Retirement Savings Plan, Registered Retirement Investment Fund, or a Tax Free Savings Account. Therefore, if you wish to invest in the shares of the company through the above mentioned accounts, you may do so by opening a self administered RRSP, RRIF, or a Tax Free Savings Account, effecting the purchase of the shares through that account. In this manner, the income received from the fund would be tax exempt. For a summary of the performance of our mortgage fund over the past 20 years, please click here. Premiere Canadian Mortgage Corporation has been in business for 20 years, has been consistently profitable, and has had very few losses relating to bad mortgages. Over the past 20 years, our net return has averaged 10% p.a. Over the last 3 years we have averaged 7.55% p.a.

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