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Mortgage Investment Corporations in Canada

Amur Capital Conservative Income Fund

Target annual yield: 9%

Focus: Low LTV; residential 1st mortgages; 47% average LTV

Investor profile: Conservative

Amur Capital Income Fund.                                          

Target annual yield: 11%

Focus: Mix of residential 1st and 2nd mortgages; 53% average LTV

Investor profile: Moderate

Amur Capital High Yield Fund                                      

Target annual yield: 13%

Focus: Higher yielding smaller mortgages; 66% average LTV

Investor profile: Aggressive

What is a mortgage investment corporation (MIC)?

A mortgage investment corporation (MIC) is a unique investment vehicle that pools money from investors to fund mortgages secured by Canadian real estate. The MIC earns money through interest payments on those mortgages and then shares those profits with its shareholders.

With Amur Capital, investing in MICs means investing in a professionally managed and highly diversified portfolio of mortgages to provide you with a steady, passive income stream. This lets you benefit from Canada’s strong real estate markets, like British Columbia, Alberta, and Ontario, without the hassle of buying or managing any property.

How do MICs work?

MICs act as both an issuer and a lending institution. This means MICs issue shares to investors in exchange for money invested and then invests the proceeds into mortgages secured by real property. MIC shareholders then earn income from the borrowers’ mortgage payments in the form of dividends, which they can redeem as cash or reinvest for compounded growth.

A graphic that describes how Mortgage Investment Corporations work

A MIC is also considered a flow-through investment vehicle, which means it must pass 100% of its annual net income to the shareholders. The dividends are paid to investors regularly, usually every month or quarter.

The Income Tax Act (Section 130.1) details the requirements that a corporation must meet to qualify as a MIC:

    • At least 20 shareholders
    • A minimum of 50% of assets are residential mortgages and/or cash deposits insured by the Canada Deposit Insurance Corporation (CDIC)
    • Less than 25% of capital for each shareholder
    • Maximum 25% of capital invested into real estate
    • Cannot be involved in construction
    • Distributions filed under T5 tax forms
    • Only Canadian mortgages are eligible
    • 100% of net income goes to shareholders
    • Annual financial statements audited by an independent accounting firm

Parts of a Mortgage Investment Corporation

The Corporation

The Mortgage Investment Corporation (MIC) is a specialized financial entity that invests primarily in mortgage loans. This corporation pools funds from investors to create a diversified portfolio of mortgages and is responsible for managing and optimizing this portfolio to generate stable returns for its investors.

At Amur Capital, we aim to provide a truly diversified approach to alternative investments that maximize yield and capital preservation. By offering a range of conservative, income, and high-yield funds, we cater to a range of investing objectives and preferences that suit the needs of every individual investor.

The Shareholders

By purchasing and holding shares in the MIC, shareholders gain a proportional ownership interest in the company and receive income through dividend payouts. Shareholders may include the original contributors of capital such as the founders and directors of the corporation, and individual investors who have acquired shares through exempt market transactions.

Some advantages that shareholders have include:

    • Voting rights for the corporation
    • Access to financial records
    • Transferrable or tradeable ownership within the company

The Investors

Investors are a crucial part of the Mortgage Investment Corporation as they provide the funds for the MIC to acquire mortgage loans. These may include accredited and non-accredited retail investors who want a stable investment or other entities looking to diversify their portfolios through exposure to the mortgage market.

Introduction to Exempt Market Dealers (EMDs)

Simply put, EMDs are licensed entities permitted to sell exempt securities, such as shares in MIC funds, in their respective jurisdictions.

EMDs operate in the exempt market, a part of private markets for which exemptions are provided from the complete requirements of a prospectus disclosure. A prospectus is a disclosure document that outlines all material information about an investment security issued by a company to the public (publicly traded company).

Amur Capital is a registered Exempt Market Dealer (EMD) in British Columbia and Alberta for its fund offerings. This means investors can access various investments, including alternative investment opportunities like mortgages not typically available in the public market. In addition, 100% of the investor’s capital gets placed in the selected MIC with no upfront transaction fees or trailer fees.

Who can invest in a MIC?

Amur Capital is focused on providing investors at any level with access to professionally managed private investment funds.

Investment in our fund offerings is available to Alberta, British Columbia, Manitoba, Nova Scotia, and Saskatchewan residents and must be made on a private placement basis. Please contact us for more information regarding your specific circumstances.

Why invest in MICs?

Investing in MICs is a great way to gain exposure to Canada’s thriving real estate market without the demands of active property management. Aside from this, there are several other reasons why investors consider MICs in Canada:

🗹 Strong returns

For those seeking returns comparable to the stock market without the associated volatility, MICs provide a secured real estate investment that’s simpler and may be more profitable. It is also one of the best ways to beat inflation. In fact, our MIC funds have historically delivered 6%-14% annual returns.*

🗹 Stable income

MIC investors receive dividends from the interest payments made by borrowers to the mortgage lender, forming a consistent passive income stream at higher rates than traditional fixed-income securities like government bonds and GICs. They can also choose to reinvest the dividends into the fund for compounded returns.

Since 1984, Amur Capital’s offerings have provided Canadian investors with stable historical returns and have never posted a negative return, even during the worst economic climates.

🗹 Professional Management

An investment is only as good as its people, and in the case of MICs, its management team’s expertise and strategic decision-making play a crucial role.

Amur Capital funds employ a rigorous mortgage approval process built by our experienced underwriters and the portfolio of mortgages is administered by our professional fund managers. This unique, harmonious system helps us manage risk effectively, which allows our funds to provide robust and steady returns.

🗹 Diversified risk

While no investment is risk-free, mortgage investments provide a diversified approach to minimizing risks. By investing in different mortgage portfolios— consisting of varying Loan-to-Value (LTV), mortgage size, maturity, and geographical location— our MIC funds can achieve and exceed their target returns even during market downturns.

Best mortgage investment corporations in Canada

While Canada has several MICs to invest with, choosing Amur Capital’s MIC funds brings several benefits, including historically better returns than other MICs.   

Investors can find the appropriate fund to fit their risk appetite with Amur Capital.   

Amur Capital Conservative Income Fund (ACCIF)

For investors seeking stability in returns and reliable growth in value, the Amur Capital Conservative Income Fund (ACCIF) offers a diversified portfolio focusing on residential first mortgages. 

Fund Inception


Minimum Investment


Most Recent Return


5-Year Average Return



Eligible for all registered plans

Mortgage Type

Residential (100%)

Assets Under Management

$203 million

Mortgage size

>$500k (45%), $100k-$500k (50%), <$100k (5%)

Mortgage maturity

<1 Year (95%), 1-2 Years (5%)


LTV <45% (37%)

LTV 45-55% (29%)

LTV 55-65% (30%)

LTV >65-75% (4%)



* Unaudited annualized quarterly return as of March 31st 2024; ** Past performance may not be indicative of future results

Amur Capital Income Fund (ACIF)

For investors desiring a blend of growth and stability, Amur Capital Income Fund (ACIF) strikes the perfect investment chord. Established in 1984, ACIF has been a reliable go-to for Canadian investors looking for a simple and reliable stream of investment income.

Fund Inception


Minimum Investment


Most Recent Return


5-Year Average Return



Eligible for all registered plans

Mortgage Type

Residential (99%)

Commercial (1%)

Assets Under Management

$819 million

Mortgage size

>$500k (30%), $100k-$500k (49%), <$100k (21%)

Mortgage maturity

<1 Year (91%), 1-2 Years (9%)


LTV <45% (23%)

LTV 45-55% (23%)

LTV 55-65% (34%)

LTV >65-75% (20%)



Amur Capital Income Fund returns

* Unaudited annualized quarterly return as of March 31st 2024; ** Past performance may not be indicative of future results

Amur Capital High Yield Fund (ACHYF)

For investors hungry for substantial returns, Amur Capital High Yield Fund (ACHYF) delivers elevated opportunities for financial growth. ACHYF’s fundamental investment objective is to achieve long-term capital appreciation through investments with high potential returns.

Fund Inception


Minimum Investment


Most Recent Return


5-Year Average Return



Eligible for all registered plans

Mortgage Type

Residential (100%)

Assets Under Management

$28 million

Mortgage size

>$500k (2%), $100k-$500k (41%), <$100k (57%)

Mortgage maturity

<1 Year (70%), 1-2 Years (27%), >2 Years (3%)


LTV >75% (38%)

LTV 65-75% (39%)

LTV 55-65% (14%)

LTV 45-55% (4%)

LTV <45% (5%)



Amur Capital High Yield Fund returns

* Audited annualized return as of December 31st 2023; ** Past performance may not be indicative of future results

Tax advantages of MICs

All three fund offerings are eligible for RRSPs (Registered Retirement Savings Plan), RRIFs (Registered Retirement Income Fund), RESPs (Registered Education Savings Plan) and TFSA (Tax-Free Savings Account) plans, which will hold your investments and apply certain tax benefits to your investment gains. 

What registered accounts can be used to invest in a MIC?

As mentioned above, you can use your RRSP, TFSA, and RESP to invest in MICs. All three registered accounts are tax-sheltered, meaning your savings and investment gains will grow tax-free while they stay in these accounts.

Contact one of our dealing representatives to determine if your non-registered account is eligible.

What makes Amur Capital MIC Funds different?

Amur Capital provides a simpler approach to investing. With access to multiple funds that earn a consistent annual return, limited exposure to market volatility unlike bonds and stocks, and fit for various risk tolerances, Amur Capital’s investment offerings can be an ideal long-term investment for investors.

🗹 Attractive risk-return profile

Our proven track record of positive returns and consistent income stream with limited volatility is backed by a strong underwriting and investment policy. With a stringent approval process for its mortgage origination entities, we consistently maintain a portfolio of high-quality mortgages across Canada.

🗹 Favourable tax treatment

When invested through any registered plans, such as the Tax-Free Savings Account (TFSA), Registered Retirement Savings Plan (RRSP), and Registered Education Savings Plan (RESP), your investment returns may be tax-free or tax-deferred, depending on the account.

🗹 No upfront commissions charged on the original investment

As an EMD, Amur Capital can take money directly from investors on behalf of the MICs, and does so with no upfront transaction fees or trailer fees.

🗹 Consistent stream of high-quality mortgages

Looking for an alternative fixed-income investment? With Amur Financial Group’s origination entities providing a consistent flow of high-quality mortgage deals, Amur Capital enjoys a steady stream of mortgages to choose from.

*Past performance is not indicative of future performance. Always review the offering documents and seek professional financial or tax advice before investing.

Frequently asked questions

Mortgage Investment Corporations earn revenue from borrowers’ mortgage debt payments. Because MICs are a flow-through investment, all the profits of the MIC are passed on proportionately to all shareholders as dividends.

Before choosing any mortgage investment fund, consider the company’s track record, management team, risk management approach, historical returns, liquidity, communication, and return on investments (ROIs). While each is an essential factor in your decision-making process, having steady ROIs, a robust risk management approach and effective communication is what Amur Capital values the most.

MIC funds are considered an alternative asset class with a lower correlation to traditional market risks like stocks and bonds. In return, they provide a consistent and reliable income stream with the added security of mortgage collateral.

The invested money goes into the portfolio of mortgage loans with a MIC, whereas investing in real estate means the money goes into the physical entity. By investing through a MIC, you’re investing in thousands of mortgages instead of just a single property.

You can use any registered account to hold shares in a MIC, such as the RRSP, RRIF, RESP, or TFSA. Each one has its benefits when it comes to investing. Speak with an Investor Relations (IR) team member, and they can help you determine which choice is best for you.

Amur Capital emphasizes simplicity and stability with our funds. There’s also regular communication with shareholders by providing quarterly performance updates and statements.