MCAN Mortgage Corporation (MKP) 2018年年度报告「TSX」.pdf

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1、A STRATEGIC INVESTOR IN CANADIAN MORTGAGESAnnualReport20182018 ANNUAL REPORT|MCAN MORTGAGE CORPORATION 2DESCRIPTIONOFBUSINESSMCANMortgageCorporation(“MCAN”)isapubliccompanylistedontheTorontoStockExchangeunderthesymbolMKP.MCANisaLoanCompanyundertheTrustandLoanCompaniesAct(Canada)andalsoqualifiesasamo

2、rtgageinvestmentcorporation(“MIC”)undertheIncomeTaxAct(Canada)(the“TaxAct”).OurobjectiveistogenerateareliablestreamofincomebyinvestingourfundsinadiversifiedportfolioofCanadianmortgages,includingsinglefamilyresidential,residentialconstruction,nonresidentialconstructionandcommercialloans,aswellasother

3、typesofsecurities,loansandrealestateinvestments.WeemployleveragebyissuingtermdepositseligibleforCanadaDepositInsuranceCorporationdepositinsurance.WemanageourcapitalandassetbalancesbasedontheregulationsandlimitsofboththeTaxActandtheOfficeoftheSuperintendentofFinancialInstitutions.Ourtermdepositsareso

4、urcedthroughanetworkofindependentfinancialagents.AsaMIC,weareentitledtodeductfromincomefortaxpurposes50%ofcapitalgainsdividendsand100%ofnoncapitalgainsdividendsthatwepaytoshareholders.Suchdividendsaretaxedinthehandsofourshareholdersascapitalgainsdividendsandinterestincome,respectively,totheextenttha

5、ttheyareheldinanonregisteredplan.Dividendspaidtoforeigninvestorsmaybesubjecttowithholdingtaxes.MCANswhollyownedsubsidiary,XMCMortgageCorporation,isanoriginatorofsinglefamilyresidentialmortgageproductsacrossCanada.TABLEOFCONTENTSINTERIMCEOSMESSAGETOSHAREHOLDERS.3MANAGEMENTSDISCUSSIONANDANALYSISOFOPER

6、ATIONS.5CONSOLIDATEDFINANCIALSTATEMENTS.61NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS.65DIRECTORSANDEXECUTIVEOFFICERS.103CORPORATEINFORMATION.1042018 ANNUAL REPORT|MCAN MORTGAGE CORPORATION 3MESSAGETOSHAREHOLDERSMCANMortgageCorporation(“MCAN”,the“Company”or“we”)reportednetincomeof$36.3millionfortheyearen