A MIC is only as sound as its partners, the people who check its work — the auditor, the trust companies that administer registered accounts, the exempt market dealer and the real estate lawyer. These are the roles that sit between an investor's capital and a registered charge on a Canadian home.
Published by Lendmax Capital MIC|Updated About our team
Yale PGC LLP, Chartered Professional Accountants, audits the corporation's financial statements annually and prepares the tax filings that keep the MIC's flow-through treatment intact. The audited statements accompany the offering memorandum, and separate audited statements, an internal controls report and a trust account report are filed with FSRA for the administrator.
Drake Financial Ltd. is the registered exempt market dealer through which Lendmax Capital MIC shares are distributed under prospectus exemptions. The dealer assesses each security it offers, determines suitability for each client, and is responsible for know-your-client and know-your-product obligations. Every subscription goes through Drake Financial before it is accepted; if anyone ever tells you a private investment is guaranteed, that is a reason to stop, not a reason to invest.
Self-directed registered accounts — RRSP, RRIF, TFSA, RESP, RDSP and FHSA — are administered by Olympia Trust Company or Western Pacific Trust Company. The trust company holds the plan, receives the transfer, subscribes for the shares on the plan's behalf and issues the tax slips, so distributions compound inside the plan without annual tax drag. Either trustee is accepted; a plan already held elsewhere can be transferred in.
Acts on every mortgage advance: reviews title, confirms the priority of the charge, registers the security, handles payout statements and discharges, and conducts enforcement where a file goes wrong. This is the role that makes “secured by real property” mean something.
