Frequently Asked Questions

MCAN welcomes term deposit applications through approved deposit agents and directly from individuals for registered and non-registered products. MCAN Mortgage Corporation (“MCAN”) is a member of the Canada Deposit Insurance Corporation (CDIC), and a member of the Registered Deposit Brokers Association (RDBA).

If you are interested in purchasing a term deposit or in becoming an approved deposit agent, kindly contact our Customer Service Department by telephone at 1-800-387-9096 or by e-mail at termdeposits@mcanmortgage.com.

MCAN’s Accessibility Policy

1. Scope

This Policy applies to all Employees of MCAN and its subsidiaries as well as Volunteers, Contract Workers and Consultants doing work on behalf of MCAN and shall be administered in accordance with the Accessibility for Ontarians with Disabilities Act (AODA), 2005.

2. Objectives

MCAN Mortgage Corporation (the “Company”) is committed to treating all people in a way that allows them to maintain their dignity and independence. We believe in integration and equal opportunity. We are committed to meeting the needs of people with disabilities in a timely manner, and will do so by preventing and removing barriers to accessibility and meeting accessibility requirements under the Accessibility for Ontarians with Disabilities Act, 2005 (AODA).

3. Definitions

Accessibility: The degree to which persons with disabilities can access a device, service or environment without barriers. Accessibility is also a process – it is the proactive identification, removal and prevention of barriers to persons with disabilities.

Accessibility Formats: Formats that are an alternative to standard print and are accessible to people with disabilities. Accessible formats may include large print, Braille, and audio electronic formats such as DVDs or CDs.

Accessibility Standards: Regulations or rules created under the AODA that provide minimum levels for improving accessibility to meet the goals of the AODA across the province.

Communication Supports: Supports that individuals with disabilities may need to access information. Some examples include plain language formats, sign language, word, or picture boards as well as reading out loud, captioning, or using written notes to communicate.


a) Any degree of physical disability, infirmity, malformation or disfigurement that is caused by bodily injury, birth defect or illness and, without limiting the generality of the foregoing, includes diabetes mellitus, epilepsy, a brain injury, any degree of paralysis, amputation, lack of physical co-ordination, blindness or visual impediment, deafness or hearing impediment, muteness or speech impediment, or physical reliance on a guide dog or other animal or on a wheelchair or other remedial appliance or device,;

b) A condition of mental impairment or a developmental disability;

c) A learning disability or dysfunction in one or more of the processes involved in understanding symbols of spoken language;

d) A mental disorder; and

e) An injury or disability for which benefits were claimed or received under the insurance plan established under the Workplace Safety and Insurance Act.

Guide Dog: a dog trained as a guide for a blind person and having the qualifications prescribed by the regulations to the Blind Persons Rights Act.

Support Person: In relation to a person with a disability, another person who accompanies him or her in order to assist them with communication, mobility, personal care, or medical needs or with access to goods and services.

Service Animal: Any animal used by a person with a disability where it is readily apparent that the animal is used by the person for reasons relating to his or her disability. A Service Animal includes a Guide Dog.

4. Policy Requirements

4.1 Accessible Emergency Information

The Company is committed to providing customers and clients with publicly available emergency information in an accessible way upon request. We will also provide employees with disabilities with individualized emergency response information when necessary.

4.2 Training

The Company will provide training to employees, volunteers, and other staff members on Ontario’s accessibility laws and on the Human Rights Code as it relates to people with disabilities. Training will be provided in a way that best suits the duties of employees, volunteers, and other staff members. Employees will be trained when changes are made to the Accessibility Policy. New employees will be trained as part of the onboarding process, as soon as practicable. The Company will keep a record of the training it provides.

Training will include:

  • The purpose and application of this policy;
  • A review of the purposes and requirements of the Accessibility for Ontarians with Disabilities Act;
  • A review of the purposes of the purposes and requirements of the Accessibility Standards for Customer Service Regulation;
  • How to interact and communicate with persons with various types of disabilities;
  • What to do if a person with a disability is having difficulty accessing MCAN’s services and/or facilities;
  • Instruction on MCAN’s policies, procedures and practices pertaining to the provision of services to persons with disabilities;
  • How to use equipment or devices available on MCAN’s premises, or that is otherwise provided by MCAN, to assist with the provision of MCAN’s services to persons with disabilities; and
  • How to interact with persons with disabilities who use assistive devices or who require the assistance of a support person or service animal.

4.3 Information and Communication

The Company is committed to meeting the communication needs of people with disabilities. We will consult with people with disabilities to determine their information and communication needs.

4.3.1 Feedback

The Company will continue to ensure that its process for receiving and responding to feedback is accessible to persons with disabilities by providing, or arranging for the provision of, accessible formats and communication supports, upon request.

Feedback may be provided in person, by telephone, in writing, or in electronic format or by visiting MCAN’s website (www.mcanmortgage.com). All feedback should be directed to MCAN’s Vice President, Operations.

Feedback in person or by mail should be directed to;

MCAN Mortgage Corporation

Attention:  Vice President, Operations

200 King Street West Suite 600

Toronto, ON MH5 3T4


Feedback in via email can be sent to: cbrown@mcanmortgage.com

Feedback may also be provided by calling: 1-855-213-6226

Complaints will be handled in accordance with MCAN’s current complaint management procedures.


4.3.2 Accessible Formats and Communication Supports

Upon request, the Company will provide, or will arrange for the provision of accessible formats and communication supports for persons with disabilities in a timely manner that takes into account the person’s accessibility needs due to disability. The Company will consult with the person making the request in determining the appropriateness of an accessible format or communication support.

4.3.3 Accessible Website and Web Content

MCAN will ensure that any new web content posted to existing web pages and any significant refresh, after January 1, 2014 will comply with the World Wide Web Consortium Web Content Accessibility Guidelines (WCAG) 2.0 at Level A requirements, except where this is impracticable. MCAN will ensure that its website, including web content, will conform to the World Wide Web Consortium Web Content Accessibility Guidelines (WCAG) 2.0 at Level AA by January 1, 2021, except where this is impracticable.

4.4 Customer Service

The Company strives to provide its services in a manner that respects the dignity and independence of people with disabilities. MCAN is committed to giving people with disabilities the same opportunity as others to access and benefit from its services.

4.4.1 Communication

When communicating with a person with a disability, MCAN will do so in a manner that takes into account the person’s disability. MCAN will train its employees, agents and any other person who deals with members of the public on its behalf, on how to interact and communicate with people with various types of disabilities.

4.4.2 Notice of Temporary Disruptions in Services of Facilities

MCAN is aware that the operation of its services and facilities is important to our customers. On occasion, disruptions in MCAN’s services and facilities may occur due to reasons that may or may not be within our control or knowledge.

MCAN will make reasonable efforts to provide notice to the public of any disruption in its services and/or facilities, including: information about the reason for the disruption, its anticipated duration and a description of alternative services and/or facilities, if any that may be available. MCAN will make reasonable efforts to provide prior notice of any planned disruptions in its services and/or facilities, if possible, recognizing that in some circumstances, including an unplanned temporary disruption, advance notice will not be possible. In such cases, MCAN will provide notice as soon as reasonably possible.

When temporary disruptions occur to MCAN’s services and/or facilities, MCAN will provide notice by posting the information in visible places, or on the company’s website, or by any other method that may be reasonable under the circumstances as soon as reasonably possible.

4.4.3 Assisted Devices and Measures that Assist with Accessibility

A person with a disability may provide their own assistive device for the purpose of obtaining, using and benefiting from MCAN’s services and facilities. Exceptions may occur in situations where MCAN has determined that the assistive device may pose a risk to the health and safety of a person with a disability or the health and safety of others on its premises. In these situations, and others, MCAN may offer a person with disability other reasonable measures to assist him or her in obtaining, using and benefiting from MCAN’s services and facilities, where MCAN has such other measures available.

It is the responsibility of the person with the disability to ensure that his or her assistive device is operated in a safe and controlled manner at all times.

4.4.4 Support Persons

A person with a disability may enter premises owned and/or operated by MCAN with a support person and have access to the support person while on the premises. MCAN may require a person with disability to be accompanied by a support person while on MCAN premises in situations where it is necessary to protect the health or safety of the person with a disability or the health and safety of others on the premises. A person with a disability who is accompanied by a support person will have access to his or her support person while on MCAN premises.

In situations where the support person will be exposed to confidential information, MCAN may require that the support person sign a confidentiality agreement.

4.4.5 Service Animals

A person with a disability may enter premises owned and/or operated by MCAN accompanied by a service animal and keep the animal with them if the public has access to such premises and the animal is not otherwise excluded by law. If a service animal is excluded by law, MCAN will ensure that alternate means are available to enable the person with a disability to obtain, use or benefit from MCAN’s services and facilities. If it is not readily apparent that an animal is a service animal, MCAN may ask the person with a disability for a letter from a physician or nurse confirming that the person requires the animal for reasons relating to his or her disability. MCAN may also, or instead, ask for a valid identification card or certificate of training from a recognized guide dog or service animal training school. It is the responsibility of the person with disability to ensure that his or her service animal is kept in control at all times.

If an employee or any other person on MCAN premises has a severe allergy to animals, which could result in health and safety concerns, MCAN will make reasonable efforts in the circumstances to meet the needs of all individuals.

4.4.6 Availability of Documents for Customer Service Standard

All documents required by the Accessibility Standards for Customer Service Regulation, including this policy, are available upon request by any customer.

When providing a document to a person with a disability, MCAN will provide the document, or the information contained in the document, in a format that properly takes the person’s disability into account.

All documents required by the Accessibility Standards for Customer Service Regulation, including this policy, will be posted on MCAN’s website (www.mcanmortgage.com).


4.5 Employment Standard

MCAN is committed to fair and accessible employment practices. This includes providing accessibility across all stages of the employment cycle.

4.5.1 Recruitment

The Company will notify its employees and the public about the availability of accommodation for applicants with disabilities in its recruitment and assessment process. The Company will notify job applicants when they are individually selected to participate further in an assessment or selection process and that accommodations are available upon request in relation to the materials or processes to be used. If a selected applicant requests an accommodation, the Company will consult with the applicant and provide, or arrange for the provision of, a suitable accommodation in a manner that takes into account the applicant’s accessibility needs due to disability. When making offers of employment, the Company will notify the successful applicant of its policies for accommodating employees with disabilities.

4.5.2 Informing Employees of Supports

MCAN will inform all employees of existing policies and any updated policies used to support employees with disabilities. This includes policies on the provision of job accommodations that take into account an employee’s accessibility needs due to disability. This information will be provided to new employees as soon as practicable after commencing employment.

4.5.3 Accessible Formats and Communication Supports for Employees

Upon the request of an employee with a disability, the Company will consult with the employee to provide, or arrange for the provision of, accessible formats and communication supports for information that is needed to perform his or her job, and information that is generally available to other employees. In determining the appropriateness of an accessible format or communication support, the Company will consult with the employee making the request.

4.5.4 Workplace Emergency Response Information

Where the Company is aware that an employee has a disability and that there is a need for accommodation, individualized workplace emergency response information will be provided to the employee as soon as practicable if such information is necessary given the nature of the employee’s disability. Where the employee requires assistance, the Company will, with the consent of the employee, provide the workplace emergency response information to any person designated by the Company to provide assistance to the employee. The Company will review the individualized workplace emergency response information when the employee moves to a different location in the organization, when the employee’s overall accommodations needs or plans are reviewed, and when the Company reviews its general emergency response policies.

4.5.5 Individual Accommodation Plans

The Company will develop and have in place a written process for the development of documented individual accommodation plans for employees with disabilities and to facilitate an employee’s return to work after absenteeism due to disability in accordance with the requirements of the Integrated Accessibility Standards Regulation (IASR), 2011.

4.5.6 Performance Management, Career Development, Advancement and Redeployment

The Company will take into account the accessibility needs of employees with disabilities, as well as individual accommodation plans, when conducting its performance management process, providing career development and advancement opportunities to employees, or when redeploying employees with disabilities.


5.0 General Administration

5.1 Frequency of Review

Policy will be reviewed on an annual basis.

MCAN Privacy Policy


This Privacy Policy applies to all Personal Information that is collected by MCAN Mortgage Corporation and its subsidiaries (“MCAN”) about its clients, or individuals associated with its clients (“clients”) as applicable. All MCAN directors, officers, employees of MCAN must comply with this Policy with respect to any personal information in the possession or control of MCAN and/or its subsidiaries. References throughout this Policy to “we”, “our”, and “us” refers to MCAN.


MCAN is committed to fairly and lawfully collecting and maintaining accurate personal information and to protecting the confidentiality of all personal information that we collect, retain, use or disclose to others in the course of our business activities.

Protecting client privacy and the confidentiality of personal information has always been fundamental to the way we do business at MCAN. We collect, use, and disclose personal information only in compliance with applicable privacy legislation, and strive to exceed all the privacy standards established by the federal, provincial, and industry authorities in all our dealings with past, current, and prospective clients.

This Privacy Policy is designed to explain to you what personal information MCAN collects about their clients, and the use to which MCAN puts that information. This policy will also explain how the personal information is kept secure from inappropriate disclosure or use.


Personal Information means information about an identifiable individual. It includes an individual’s name, residential address and telephone number, e-mail address, age and gender, personal financial records, identification numbers including their social insurance number, personal health information, and personal references.

Publicly available information, such as business contact information or a public directory listing of individuals’ names, addresses, and telephone numbers, or information that is aggregated and not associated with a specific individual, including demographic information and statistics, is not considered to be personal information.

Privacy Obligations

The Personal Information Protection and Electronic Documents Act (PIPEDA), and similar provincial legislation (currently in British Columbia, Alberta and Quebec) is based on the 10 principles of PIPEDA, to which MCAN must adhere to. These practices will provide the necessary assurances that personal information obtained and utilized by MCAN will be accurate, held in confidence and be retained in a secure environment.

The main compliance obligations under PIPEDA include the following privacy principles:

  • Accountability
  • Identifying purposes
  • Consent
  • Limiting Collection
  • Limiting use, disclosure and retention
  • Accuracy
  • Safeguards
  • Openness
  • Individual access
  • Challenging compliance


A Privacy Officer has been designated by MCAN to be responsible for compliance with PIPEDA and provincial privacy legislation. Accountability for the organization’s compliance with the principles rests with the designated Privacy Officer, even though other individuals within the organization may be responsible for the day-to-day collection and processing of personal information. In addition, other individuals within the organization may be delegated to act on behalf of the Privacy Officer.


We will obtain consent to collect, use or disclose personal information unless we are permitted or required by law to collect, use or disclose personal information without consent. Consent may be given orally, in writing, or electronically, and may be express or implied. We will ensure that the form of consent that we use is appropriate in the circumstances, and will take into account, how sensitive the personal information is, the circumstances in which the information is being collected, and the reasonable expectations of the person from whom is being collected in determining which form of consent to use. We will always obtain express consent when we are collecting, using, or disclosing sensitive personal information.

We collect, use and disclose different types of personal information in respect of our clients. We only collect, use, and disclose personal information in accordance with applicable privacy legislation.

Opt Out Policy

A client may choose not to provide us with some or all of their personal information. This may, however, severely restrict the products that MCAN can then provide. The client may also withdraw their consent to our use of their personal information at any time upon providing reasonable notice, as long as all of the following conditions are met:

  • the client provides MCAN notice in writing by either of the following methods:
    Privacy Officer
    MCAN Mortgage Corporation
    200 King Street West, Suite 600
    Toronto, ON M5H 3T4
  • withdrawing consent does not result in our or the client’s ability to fulfill the financial contract already in place with us; or ii) the client’s consent does not relate to a credit product we have granted to the client, where we are required pursuant to a legal obligation to collect and exchange some or all personal information on an ongoing basis, with credit insurers, other investors/lenders, or a credit bureau, or to maintain the integrity of the credit- granting system and the completeness of information held by credit bureau.

When a client indicates that they wish to withdraw their consent to our use of their personal information, we will explain the implications of this withdrawal to them.

Collection and use

We may collect personal information for the following purposes:

  • to verify the identity of a client, and to protect the client and MCAN from error, fraud or other misrepresentations;
  • to support and maintain the accuracy and integrity of the credit reporting system, which includes clients’ past credit and repayment history as well as other financial transactions;
  • with respect to SINs, when required under the Income Tax Act for a client’s income tax reporting, or to verify credit bureau information against one or more MCAN products owned by the same individual;
  • to comply with a variety of legal requirements, such as provincial and federal tax reporting, anti-money laundering and unclaimed property obligations;
  • to determine clients’ initial and ongoing eligibility for financial products;
  • to allow account administration by the Independent Mortgage Brokers;
  • to investigate specific transactions or patterns of transactions for the purpose of detecting unauthorized or illegal activities;
  • to ensure that a client’s instructions can be properly verified;
  • to investigate client complaints;
  • to implement risk management programs;
  • to provide specific services associated with an account; and
  • to understand the current and future needs of our clients, for example, to conduct client surveys and other forms of market research and analysis.

We will only collect, use, and disclose as much personal information as we require to fulfill the purposes for which the personal information is being collected, unless we are required or permitted by law to collect additional information.

In circumstances where MCAN is required by law to collect SINs, for example in respect of term deposit accounts, we will require clients to provide their SINs. In all other circumstances, for example to assist us to verify clients’ credit related information, provision of SINs is optional, though in some circumstances alternative information may be required to verify identity or may otherwise be required in order to provide a particular product or service.

In addition, we may collect personal information in connection with our mortgage financing or other financial services through the use of a mortgage commitment letter or a credit application during the credit application and review process.

We will notify the individual from whom we are collecting information of the purpose or purposes for which we are collecting the information at or before the time that we collect the personal information so that they may choose whether to provide us with their personal information for those purposes. We may provide this notice either orally or in writing.

If a client refuses to provide us with certain personal information, we will not refuse to provide them with a product or service unless we are unable to provide it without this information.

If we intend to use the personal information that we have collected for a new purpose that we have not previously disclosed, we will communicate the new purpose prior to using the information for the new purpose, unless we are required or permitted by law to use the information for this new purpose without consent.

Other than as required or permitted by law, clients’ personal information will not be used for any other purpose without consent.

We collect personal information when it is provided to us. MCAN may collect personal information directly from the person to whom the personal information relates. MCAN also collects personal information from third parties, such as brokers, or individuals that are opening an account to be operated on behalf of a third party, in accordance with anti-money laundering legislation, and provided that such third parties have obtained consent from the individual to whom the information relates to provide this personal information to us. In most circumstances where the personal information that we collect is collected from a third party, we will obtain client permission before we seek out this information unless we are authorized by law to collect this information without a client’s consent. If we do not obtain client permission, we take reasonable steps to ensure that such third parties have the right to share such personal information with us.

From time to time, we may utilize the services of third parties in our business. For example, we may use third party suppliers to print statements, conduct telemarketing, collect accounts, or process transactions on our behalf. We select third party suppliers carefully and ensure through contractual means that they have privacy and security standards that meet MCAN’s requirements, and comply with applicable privacy laws. Similarly, payment transactions may be processed through payment systems operated by others and we may share personal information with these operators on a confidential basis to process transactions, provide client service, and for other reasonable purposes. These third parties will only be provided with as much personal information as they need to provide services to us. In some cases, these third parties may be located outside of Canada, and therefore personal information that has been collected by us may be processed and stored outside of Canada. Under the laws of foreign jurisdictions, in certain circumstances foreign courts, government authorities, regulators, or law enforcement agencies may be entitled to access this personal information without notice. Clients will always be notified of this fact, and will be made aware that by submitting their personal information to us, they agree to this transfer, storing, or processing.

Disclosure of Personal Information Outside of MCAN

MCAN has a strict policy of not disclosing personal information about our clients, subject to the important exceptions discussed below, and in the section “Sharing Personal Information”.

The most common reason for release of a client’s personal information is that the client has given consent. We will not release a client’s personal information without consent unless we are permitted or required to do so pursuant to applicable laws.

We also may be authorized or required by law to release personal information, such as pursuant to a court order, or we may need to protect our assets, or the public’s interest. For example, we may release personal information about a client to legal authorities in cases of criminal activity, or for the detection and prevention of fraud. If we release information for any of the reasons described in this paragraph, we shall keep a record of what, when, why, and to whom such information was released.

We do not keep a record of why a client’s personal information is disclosed to third parties for routine purposes, such as reporting to Canada Customs and Revenue Agency (T5 and other reports) and reporting to third parties when cheques are returned NSF for insufficient funds.

MCAN does not sell or rent lists of our clients or any other personal information to others for their use.
If we wish to disclose a client’s personal information for a purpose that has not previously been consented to, we will ask for the client’s consent before disclosing their personal information for that purpose, unless we are permitted or required by law to disclose this information without consent.

Sharing Personal Information

We may also share our clients’ personal information with certain of our business partners who provide us with products and services in the course of our business with the client.

Personal information is only shared with business partners to the extent permitted by law, and to the extent necessary to provide the client with the best service pertaining to account due diligence and general account administration. We only share as much personal information with our business partners as they require to fulfill the purposes for which the personal information is being shared. In some cases, these business partners may be located outside of Canada, and therefore personal information that has been collected by us may be transferred outside of Canada. Under the laws of foreign jurisdictions, in certain circumstances foreign courts, government authorities, regulators, or law enforcement agencies may be entitled to access this personal information without notice.

We require our business partners to protect the personal information that we share with them in a manner that is consistent with this Policy, and any other MCAN policy and/or procedure that relates to the collection, use, and disclosure of personal information that is in effect from time to time.

We will not collect, use or disclose personal information without consent unless we are authorized or permitted by law to do so. The limited exceptions to the requirement to obtain consent for the collection, use, or disclosures of personal information are set out in applicable privacy legislation.

Keeping Personal Information Accurate

We are committed to maintaining the accuracy of our clients’ personal information for as long as it is being used for the purposes set out in this Policy and we will take reasonable steps to ensure that your personal information is accurate. A client can play an active role in keeping us up-to- date, and we will ask clients to update us if any of their personal information changes. Prompt notification by the client of any changes, for example, to the client’s address or telephone number, will help us provide the client with the best possible service. We will update clients’ personal information only if it is necessary for us to do so to fulfill the purposes for which the information was collected.

Clients are always free, upon review of their personal information, to request amendments be made under the terms set out in this Policy. If the request is reasonable, we will make the amendment as soon as we reasonably can, and will notify any third party to which we have disclosed this information of the amendment.
If we do not agree to make the amendments that a client requests, we will notify the client of this in writing, and will keep a record of the requested amendments. The client may challenge our decision. We will make a record of this challenge, which will be kept on file.

Safeguarding of Personal Information

We use appropriate safeguards to secure and protect personal information that is in our custody and/or control. We use physical, technical, and procedural safeguards that are appropriate to the sensitivity of the personal information in question. We ensure that we have comprehensive security controls and other safeguards to protect against unauthorized use, alteration, duplication, destruction, disclosure, loss or theft of, or unauthorized access to clients’ personal information.

MCAN may use other companies to provide services to our clients on our behalf, such as the printing of correspondence, storage of information files in a secured environment, or to conduct client satisfaction surveys. In such cases, we have contracts in place, holding these companies to the same high standards of confidentiality by which we are governed and requiring that any information provided by us must be kept strictly confidential and used only for the purposes of the contract.

MCAN ensures the physical, organizational and electronic security of a client’s personal information through the use of secure locks on filing cabinets and doors, and restricted access to our information processing and storage areas. MCAN limits access to relevant information to authorized employees and business partners only, and through the use of pass keys and computer passwords and, where necessary, the encryption of electronically transmitted information.

MCAN has procedures in place when destroying, deleting, or disposing of personal information when it is no longer required for the purposes as set out in this Policy, or by law, to ensure that personal information is securely disposed of and to prevent unauthorized access to such personal information.

Retention of Personal Information

MCAN only keeps a client’s personal information for as long as it is needed to meet the purposes for which it was collected, unless we are required pursuant to applicable laws to retain this information for a different period of time. The length of time we retain personal information is affected by: (1) the type of product the client has from us, and (2) any legal requirements we may have to meet such as regulatory file retention periods or for being able to respond to any concerns the client may have even if the client is no longer a client of ours. Personal information that has been used to make a decision that directly affects an individual shall be kept for at least one year after it has been used.


Individuals will have access, as permitted by law, to their personal information that is in our custody or control, and information provided will be clear and in a format that is easy to understand. Individuals will also be able to request that corrections and/or updates be made to their personal information.

MCAN ensures that individuals have reasonable means of accessing their personal information. MCAN does so by:

  • providing guidance to individuals regarding requests for access to personal information;
  • obtaining sufficient information to identify the individual;
  • responding to requests within 30 days after receipt of the request;
  • extending, where required, the normal 30-day response time limit for a maximum of 30 additional days:
    • if responding to the request within the original 30 days would unreasonably interfere with activities of the MCAN;
    • if additional time is necessary to undertake consultations; and
    • if additional time is necessary to convert personal information to an alternate format;
    • in the event MCAN extends the normal 30-day response time, notifying the individual making the request within 30 days of receiving the request as well as the individual’s right to complain to the Privacy Commissioner of Canada;
    • giving access at minimal or no cost to the individual;
    • notifying the individual of the approximate costs before processing the request, notifying the individual of the fact that the full amount of these costs must be paid before access will be granted, and confirming that the individual still wants to proceed with the request;
    • giving individuals access to their personal information, as well as information regarding the ways in which their personal information has been used, and the identity of the persons to whom it has been disclosed; and
    • informing the individual in writing when refusing to give access to all or part of a record containing an individual’s personal information, setting out the reasons and any recourse available.

Review and Amendments

We will only collect, use, or disclose personal information in the ways in which we have disclosed in this Policy. Therefore, changes to our policies and personal information handling practices of MCAN will result in amendments to this document from time to time.

Roles and Responsibilities

As a condition of their continuing employment, every MCAN employee annually signs a declaration acknowledging their agreement to be bound by MCAN’s Code of Business Conduct and Ethics, which includes both references to MCAN policies, such as this Privacy Policy, and a confidentiality agreement obligating them to maintain the confidentiality of information both during and after their employment with MCAN.

Any MCAN employee, who believes personal information is not being handled in accordance with this Policy, should immediately advise their Department Manager and the Privacy Officer.

Any Department Manager required to resolve privacy issues (as per the second step in our privacy question and complaint handling process) shall maintain appropriate records of any issue brought forward, and the steps taken in their resolution, and shall report them to the Privacy Officer.

Questions or Concerns

MCAN is accountable for all personal information that is in our custody or control, and we have designated a Privacy Officer that is ultimately responsible for the handling of this information, and for ensuring that we are complying with this Policy. The contact information for the Privacy Officer is set out below.

If a client has privacy questions, concerns or complaints, we want them to be answered satisfactorily or resolved as quickly as possible and ask that the client follow, in order, the following two steps.

First: The client should direct his or her complaints and/or questions in writing to MCAN’s Privacy Officer.

Privacy Officer
MCAN Mortgage Corporation
200 King Street West, Suite 600
Toronto, ON M5H 3T4
email: privacy@mcanmortgage.com

Second: The client may also call our Customer Service Centre and speak to a representative. If the Customer Service Representative is unable to resolve the matter to their satisfaction, the client should advise them that they wish the matter to be reviewed by the department manager who will contact them to resolve the issue. You can reach MCAN Customer Service by calling:

Telephone (toll free): 1-855-213-6226

If, upon completion of a review by MCAN’s Privacy Officer, the client’s concerns are not resolved to his/her satisfaction, those concerns may be reviewed by the Privacy Commissioner of Canada, or one of the provincial Privacy Commissioners, if applicable. The client may contact the Privacy Commissioner of Canada by either of the following methods:

Office of the Privacy Commissioner of Canada
30 Victoria Street
Gatineau, Quebec
Telephone (toll free): 1-800-282-1376

We will also notify the client that they may also contact the Commissioner at any time during the resolution process.

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Security and Fraud Education

Security can be defined as freedom from, or resilience against, potential harm from external forces.  Understanding some key threats and the simple precautions you can take can help protect you from being a victim of crimes such as identity theft and fraud.

What is identity theft?

Identity theft is a criminal act in which an imposter obtains key pieces of someone else’s personally identifiable information to impersonate the victim and commit a crime.  Among other things, identity thieves may use the stolen information to gain access to your financial accounts and computer files; make purchases; apply for mortgages, personal loans and credit cards; obtain passports; and hide their criminal activities.

Identity thieves are generally looking for the following information:

  • Social Insurance Numbers, driver’s license numbers, passport numbers
  • Bank account numbers
  • Usernames, passwords and PINs for online services
  • Credit card information (numbers, expiry dates, CVV codes)
Identity theft: Preventative Tips
  • Never share your passwords, PINs or verification questions with anyone
  • Beware of mail, phone and internet promotions or fraudulent websites that ask for personal information
  • Don’t send financial or other confidential information via email
  • Don’t reply to any e-mail or pop-up message that requests you update or provide personal information
  • Don’t open attachments unless you are sure it is from a valid and reputable source
  • Equip your computer with a firewall which helps prevent outsiders from accessing the data on your computer, and ensure virus protection software is up to date
  • If you are providing sensitive or financial information online, limit business with financial institutions and online merchants that you know and trust – and be sure the site is secure. Look for a URL that begins with https:// and shows a padlock
  • Request a copy of your credit report from a national credit bureau each year and ensure information is correct
  • Shred/destroy sensitive information before throwing it out
  • Review financial statements regularly and report any discrepancies

What is mortgage fraud?

Mortgage fraud is a criminal act that occurs when there is a deliberate misrepresentation of information to obtain mortgage financing that would not have been granted if the truth had been known.  This can include:

  • Misstating occupation, inflating income or the length of employment.
  • Misstating type of employment (e.g. salaried/full time employee instead of contract, part time, hourly or commission-based employee, or are self-employed)
  • Misrepresenting the amount and/or source of down payment.
  • Purchasing a rental property and misrepresenting it as owner-occupied.
  • Not disclosing existing mortgage and/or debt obligations.
  • Misrepresenting property details or omitting information to inflate the property value.
  • Adding co-borrowers who will not be residing in the home and do not intend to take responsibility for the mortgage.
  • A con artist who convinces someone with good credit to act as a “straw buyer”. A straw buyer is someone who agrees to put his or her name on a mortgage application on behalf of another person. In return for their participation, straw buyers may be offered cash or promised high returns when the property is sold. Often, straw buyers are deceived into believing they will not be responsible for the mortgage payments.

Mortgage Fraud:  Preventative tips

To protect yourself and your family from becoming victims of, or accomplices to mortgage fraud, be an informed consumer. This means:

  • Never deliberately misrepresent information when applying for a mortgage.
  • Use licensed or accredited mortgage and real estate professionals.
  • Never accept money, guarantee a loan or add your name to a mortgage unless you fully intend to purchase the property, otherwise you could be held responsible for the debt.
  • Never sign legal documents without thoroughly understanding them, and get independent legal advice from your own lawyer.
  • Never sign any documents that are blank or contain blank fields.
  • Obtain the sales history of any property you are thinking about buying, and consider having it inspected and appraised.
  • Make sure any deposit for an offer to purchase is payable to and held “in trust” by the realty company or lawyer.
  • Be wary of anyone who approaches you with an offer to make “easy money” in real estate.

Reporting Identity Theft and Fraud

If you suspect that you or know that you are a victim of identity theft or mortgage fraud, you should contact The Canadian Anti-Fraud Centre Toll-free line: 1-888-495-8501

What is a Term Deposit?

A term deposit is virtually identical to a Guaranteed Investment Certificate (GIC). It is an instrument issued to borrow funds, and backed by the general creditworthiness of the corporation issuing it. No property is pledged as collateral for a term deposit. Term deposits are available in both a Registered form (RSP) and a non-Registered form.

Are MCAN Term Deposits Eligible for CDIC Deposit Insurance?

Yes, MCAN is a licensed deposit-taking institution and is a member of the CDIC. Our term deposits are eligible for CDIC deposit insurance pursuant to the standard terms of coverage set out by CDIC, up to $100,000 per account. For more information, please consult this brochure or contact CDIC at 1-800-461-2342 or our Customer Service Department at 1-800-387-9096.

Is there a minimum dollar amount required for term deposit purchases?

Yes, MCAN has a minimum dollar amount, which varies by term. Our minimum amount for a short term term deposit (less than 1 year) is $10,000.00. Our minimum amount for a long-term term deposit (1 year and greater) is $5,000.00.

What does non-redeemable mean?

All MCAN term deposits are non-redeemable prior to maturity. This means that they cannot be cashed in early.

Does MCAN offer to hold a rate on term deposit purchases?

Generally, no. Registered funds (RSP) that are being transferred from another deposit-taking institution are eligible for a 30-day rate hold, from the date that the application is completed. MCAN does not provide a rate hold on non-registered funds. The rate received will be the rate on the day the funds are received by MCAN.

How can I make a deposit?

If you are interested in purchasing a term deposit, kindly contact our Customer Service Department by telephone at 1-800-387-9096 or by e-mail at termdeposits@mcanmortgage.com.

What happens to my term deposit at maturity?

Unless instructed otherwise, all registered funds are automatically renewed for the same term at our prevailing rate. Maturity instructions can be sent via mail, fax, or e-mail. All non-registered funds are remitted via post-dated cheque prior to maturity. These cheques may then be cashed, or re-deposited with MCAN.

How can I contact your Customer Service Department?

You can contact our Customer Service Department by phone, fax, e-mail and mail. Our Customer Contact Centre is open from 8:30 AM to 5:00 PM Eastern time, Monday through Friday. Their phone number is 1-800-387-9096. Their fax number is 1-877-821-0710. Our e-mail address is termdeposits@mcanmortgage.com. Our mailing address is:

MCAN Mortgage Corporation
Term Deposit Administration
200 King Street West, Suite 600
Toronto, ON M5H 3T4

How can I resolve a complaint?

Click on the resolving customer complaints link for details.

What are the Terms and Conditions of MCAN’s Term Deposits?

The terms and conditions for MCAN’s term deposits as they appear on our confirmation are as follows:

This is a confirmation of the issue on the books of MCAN Mortgage Corporation (the “Corporation”) of a Term Deposit issued on the Issue date, in the name of the Holder (“Holder”) named under Registration, for the Principal Sum, bearing interest at the Interest Rate, for the Term and maturing on the Maturity Date, each as set forth on the face of this Confirmation. No physical term deposits are ordinarily issued by the Corporation.

The Principal Sum of a term deposit will be repaid by the Corporation, with interest to the date of payment, on the Maturity Date or prior thereto upon the death of the Holder, at the option of the Holder’s legal representative upon presentation to the Corporation of appropriate documentation in form satisfactory to the Corporation; provided however, that this prepayment option shall not be applicable if this Confirmation identifies the Holder as being Non-Resident Tax Exempt.

Rates are annual fixed rates which apply to both registered and non-registered term deposits. Interest will accrue from the issue date to the maturity date. Interest (no compounding) is paid at maturity for short term deposits. For long term investments, interest options are annual payment or annual compound.

If Interest Payment is stated to be annually, the annual payments will be paid to the Holder commencing on the anniversary date of the Issue Date and continuing until the earlier of the Maturity Date or the date of early repayment.

Interest Payments and repayment of the Principal Sum of a term deposit will be made by the Corporation to the Holder by cheque as indicated on the face of the Confirmation. Payments made by cheque are deemed made upon delivery or deposit in the mail.

A term deposit and the rights of the Holder thereunder are assignable and transferable, except if the Holder is a registered tax-deferred plan or fund.

There are no fees to purchase a term deposit with MCAN. For agent transfer or re-registration, a fee of $25 is required per transaction.

These conditions are subject to amendment, supplement or variation by further conditions, if any, referred to on the face of this Confirmation.

For a brochure outlining Canada Deposit Insurance Corporation protection, please contact the MCAN Mortgage Corporation Client Services Department at 1-800-387-9096 or CDIC at 1-800-461-2342.

If there should be any discrepancies or inquiries, contact the MCAN Mortgage Corporation Services Department at 1-800- 387-9096. Should the matter not be resolved to your satisfaction contact:

Financial Consumer Agency of Canada
Enterprise Building, 6th Floor
427 Laurier Avenue West
Ottawa, Ontario K1R 1B9

About MCAN

MCAN is a knowledgeable investor in the Canadian Real Estate market with a focus on residential mortgages and residential construction lending supplemented by a select portfolio of other real estate-based investments.

Learn More