MCAN Mortgage Company Recognized for Gender Diversity

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TORONTO, March 30, 2021 / CNW / – MCAN Mortgage Corporation (“MCAN”, the “Company” or “we”) (TSX: MKP) is pleased to announce that it has secured a spot for the second consecutive year on The Globe and Mail’s Businesswomen Lead Here 2021 Report list, an annual editorial reference to identify the gender diversity of senior executives in companies Canada. With 60% female executives, including a female president and CEO, MCAN scored higher than last year and higher than the poll winner average of 44%.

MCAN Mortgage Corporation logo (CNW Group / MCAN Mortgage Corporation)

Created in 2020 by Report on Business magazine, the Women lead here The initiative applies a proprietary research methodology to determine Canadian companies with the highest degree of gender diversity among executive ranks.

“We are very satisfied with this achievement,” said Karen Weaver, President and CEO, “Diversity, including gender diversity, is important in cultivating an inclusive, collaborative and diverse culture. We pride ourselves on the diversity among our team members, where our internal surveys indicate that in addition to over half of our team members who identify as female, over 70% identify as being from ethnic diversity. Members of our diverse team contribute to MCAN’s environment of active learning, teamwork, inclusion and belonging. We call it #MCANLIFE.

The complete list of 2021 Women lead here The winners can be found in the April issue of Report on Business magazine, distributed with The Globe and Mail on Saturday March 27, and online at tgam.ca/WomenLeadHere.

MCAN is a public company listed on the Toronto Stock Exchange under the symbol MKP and is a reporting issuer in all provinces and territories of Canada. MCAN also qualifies as a Mortgage Investment Corporation (“MIT”) under the Income Tax Act (Canada) (the “Tax Act”).

The primary objective of the Company is to generate a reliable income stream by investing in a diversified portfolio of Canadian mortgages, including residential, residential construction, non-residential construction and commercial loans, as well as other types of mortgage loans. securities, loans and real estate. investments. MCAN uses leverage by issuing term deposits that are eligible for deposit insurance from the Canada Deposit Insurance Corporation and that originate from a network of independent financial agents. We manage our capital and asset balances within the regulations and limits of the Tax Act and OSFI.

As a MIC, we have the right to deduct the dividends we pay to shareholders from our taxable income. Regular dividends are treated as interest income to shareholders for income tax purposes. We are also able to pay capital gains dividends, which would be treated as capital gains to shareholders for income tax purposes. Dividends paid to foreign investors may be subject to withholding taxes. To meet MIC criteria, 67% of our tax-valued non-consolidated assets must be held in cash or cash equivalents and residential mortgages.

MCAN’s wholly owned subsidiary, XMC Mortgage Corporation, pioneers single-family residential mortgage products through Canada.

SOURCE MCAN Mortgage Company

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