Invested in Canadian Communities

MCAN Financial Group generates growth for investors by providing access to unique financing and investment opportunities through strategic investment in a specialized portfolio of Canadian mortgages, loans, private investment funds, and REITs.

MCAN’s mission is to provide sustainable growth and returns to all our stakeholders through our relationship-driven lending and investing activities and quality work delivered through an expert team, with a focus on excellent client service. Since our beginnings in 1992, our goal has been to be the preferred mortgage lender and investor in our chosen markets in Canada.

Total Assets as at December 31, 2021
Corporate Asset Growth in 2021
2021 Return on Shareholders’ Equity
5-year Total Shareholder Return

MCAN is a Loan Company under the Trust and Loan Companies Act (Canada). As a Loan Company, the Company is subject to the guidelines and regulations set by the Office of the Superintendent of Financial Institutions Canada (OSFI). This means that our business policies and operations are conducted in accordance with the rigor expected by OSFI for financial institutions. This also means that we have access to raise funding for our balance sheet from term deposits that are insurable by the CDIC. We have been issuing low cost term deposits since 1993 as a primary funding source for our business.

MCAN is also a Mortgage Investment Corporation (MIC) under the Income Tax Act (Canada). Working within the criteria permitted for MICs, we strive to provide our shareholders with consistent and stable dividends. As a MIC, we are entitled to deduct the dividends we pay to shareholders from our taxable income. Being a MIC also means that our operating leverage is lower than other regulated financial institutions, which is more conservative for our shareholders.

Our History


MCAN unveils its new brand under the name MCAN Financial Group

Renaming of wholly owned subsidiary XMC Mortgage Corporation to MCAN Home Mortgage Corporation

30th anniversary of MCAN’s organization as a public company and listing on the TSX


Successfully raised $53 million in new capital via two oversubscribed rights offerings

Achieved record growth in corporate assets


Renaming of wholly owned subsidiary Xceed Mortgage Corporation to XMC Mortgage Corporation

Celebrated 25 years as a publicly listed company


Successfully raised $15 million in new capital via an oversubscribed rights offering


MCAN acquires 100% of the shares of Xceed Mortgage Corporation, an established mortgage origination and underwriting platform, for $53 million


MCAN invests a further $14 million in MCLP, while MCAP acquires the 80% of MCAP Service Corporation that it did not own

MCAN completes its third rights offering, raising $20 million


MCAN completes its first public share offering since 1992, raising $31 million


MCAN raises $16 million through a second rights offering


MCAP Inc. completes a corporate reorganization where MCAN Commercial LP (“MCAP”) is sold off, owned 75% by the Caisse de dépôt et placement du Québec and 25% by MCAP Inc.

MCAP Inc., managed by a separate management team, raises $13 million through a rights offering


MTC Mortgage Investment Corporation acquires Interior Capital Corporation, and renames it MCAP Inc.


MTC Mortgage Investment Corporation (the entity that will become MCAN Financial) is created under the Federal Loan Companies Act

Raises $36 million in capital via two IPOs

MCAP group of companies created

Interior Capital Corporation is bought back from Mutual Life

MCAP Service Corporation is created, owned 40% by Mutual Life, 40% by Bank of Montreal and 20% by Interior Capital Corporation


Doré, Sutherland & Stuebing Inc. form Interior Capital Corporation

Interior Capital Corporation purchases Interior Trust Company, a Manitoba trust company, from the Royal Bank of Canada and National Trust Company

Interior Capital Corporation sells 75% of Interior Trust Company to Mutual Life Assurance Company

Mutual Life becomes Clarica and ultimately Sun Life

Interior Trust Company later renamed Mutual Trust Company and became a direct subsidiary of Mutual Life Assurance Company


Capital Management

MCAN’s lending activities are supported by a risk appetite statement that is developed as part of our strategic planning process. The risk appetite takes into account our MIC structure and the limitations imposed by the Income Tax Act (Canada), as well as regulatory requirements of OSFI and CDIC. At all times we manage our investment operations to qualify as a MIC to allow tax efficient distributions to our shareholders. Key limits that we adhere to, and our objectives are below.

Liabilities to capital ratio of 5:1 (or an assets to capital ratio of 6:1)

Minimum of 67% of non-consolidated assets held in cash, cash equivalents and residential mortgages

Minimum Tier 1 and Total capital ratios of 7% and 10.5% respectively, as required by OSFI

Maintain sufficient capital for regulatory purposes and to earn acceptable and sustainable risk-weighted returns for our shareholders

MCAN Leadership

MCAN’s dynamic and diverse leadership team offers a breadth of real estate industry knowledge and experience. Get to know the members of our leadership team below.


Karen Weaver

President and Chief Executive Officer


Floriana Cipollone

SVP and Chief Financial Officer


Avish Buck

SVP and Chief Operating Officer; President, MCAN Home Mortgage Corporation


Carl Brown

SVP, Investments


Aaron Corr

VP and Chief Risk Officer


Mike Jensen

VP and Chief Compliance Officer


Nazeera Khan

VP and Chief Audit Officer


Brenna McGibney

VP, HR and Communications


Paul Gill

VP, Information Technology


Sylvia Pinto

VP Corporate Secretary and Governance Officer

Board of Directors

The Board of Directors brings together deep experience in real estate transaction, residential lending, financial institutions, real estate lending and investing, investment management and mortgage origination and servicing.


Derek Sutherland

Director since May 2017
Chair, MCAN Mortgage Corporation
President, Canadazil Capital Inc.

Bonnie Agostinho

Bonnie Agostinho

Director since May 2022
Member of Audit Committee
Member of Enterprise Risk Management & Compliance Committee


Brian Chu

Director since May 2021
Founding Partner of Bogart Robertson & Chu LLP
Member of Conduct Review, Corporate Governance & Human Resources Committee
Member of Enterprise Risk Management & Compliance Committee


John Coke

Director since May 2021
Member of Audit Committee
Member of Enterprise Risk Management & Compliance Committee


Glenn Doré

Director since May 2017
President, Teff Administration Inc.
Member of Audit Committee
Member of Conduct Review, Corporate Governance & Human Resources Committee


Phillip Gillin

Director since May 2020
Chair of Enterprise Risk Management & Compliance Committee
Member of Audit Committee

Gord Herridge

Gordon Herridge

Director since May 2018
Chair of Audit Committee
Member of Conduct Review, Corporate Governance & Human Resources Committee

Gaelen Morphet

Gaelen Morphet

Director since January 2018
Chief Investment Officer, Cinnamon Investments ULC
Chair of Conduct Review, Corporate Governance & Human Resources Committee
Member of Enterprise Risk Management & Compliance Committee


Karen Weaver

Member of the Board of Directors since November 2011



MCAN’s values and culture are rooted in our people, and we have been committed for many years to responsible environmental, social and governance practices with a focus on:

  • Providing capital and loans to real estate developers and investment funds who are committed to community and climate-based responsible development, primarily for residential density development in urban communities close to mass transit;
  • Cultivating a highly capable, inclusive and diverse team, whose foundation is backed by a set of comprehensive policies and programs to support team culture, career development, and community programs; and
  • Strong governance and risk culture aligned with being a public company and a regulated financial institution focused on our stakeholders, including our shareholders, customers, business partners and team members.
Invested in Canadian Communities

People First, Performance Driven Investment Solutions

MCAN amplifies growth for investors of all sizes by providing unique access to multiple channels of the Canadian real estate market.

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