Who is ARMADA?
The goals of Armada’s Board and Management are closely aligned with our shareholders. In fact the Board as a group owns approximately 20% of the invested capital of the fund. Most mutual fund management owns nothing of their fund. Due to active underwriting and diligent management, the fund has paid a monthly dividend to its shareholders for almost 20 years, as it was formed in January 1995. The manadate of the fund is to achieve an equitable rate of return while focusing on the preservation of Capital.
How do I get paid?
Armada Mortgage is pleased to be paying an uninterrupted monthly dividend since the inception of the Company. Our Class A Shares offer a choice of either a dividend check each month or accrual of your monthly dividends converted into new Shares after year end. Our annual year-end payout of retained earnings dividend may be paid out or converted into new Shares. Share Purchases occur regularly.
What types of mortgages does Armada invest in?
Armada Mortgage lends mostly on single family residential homes in BC, Alberta and Ontario. Our mortgage portfolio consists of 1st and 2nd Mortgages. Only current appraisals are used for valuation as well as the borrower’s credit ability to service the mortgage. Our maximum target Loan to Value is 75% on 1st and 2nd mortgages.
Who is eligible to participate in the Plan?
To participate in this Plan you must be a resident of British Columbia and of the age of majority.
What kind of statements will I receive during my term in the Plan?
After your Purchase you will receive a copy of the share certificate for your documentation. After year end you will receive a T5 statement as well as a total Shares Statement. At March 31, you will receive a final Statement of Dividends based on the balance of returned earnings. At any time throughout the year you may request a statement of earnings or total shares owned.
How do I withdraw some or all of my Class ‘A‘ Shares from the Plan?
Your funds are committed to a one year term. A notice period of 90 days prior to the ‘redemption date’ must be given. Please review our OM for more information regarding details of withdrawal.
What are the costs of the shares and minimum investment?
Our shares are Class ‘A’ Non-Voting Preferred and are sold at a par value of $1.00 each. While we require no minimum investment, we suggest you talk with us to ensure you get the most for your investment.
Are there other fees?
Purchases are accepted by certified cheque, bank draft or wire transfer, and are due 2 days prior to purchase date. When depositing into a RRSP, TFSA, RIFF, or RESP or any other registered account you will be required to pay the Self-Directed account annual fee charged by the banking institution of your choice for your transaction.
How am I taxed?
You should consult your own professional adviser to obtain advice on the income tax consequences that apply to you. Dividend income is reported as interest on a T5.