December 07, 2016 11:16 ET
TORONTO, CANADA--(Marketwired - Dec. 7, 2016) - Canadian General Investments, Limited ("CGI" or "the Company") (TSX:CGI)(TSX:CGI.PR.D)(LSE:CGI) today declared a special dividend of $0.12 per share payable on December 28, 2016 to shareholders of record at the close of business on December 22, 2016 ("the Dividend"). The Dividend is a capital gains dividend for purposes of the Income Tax Act (Canada).
Since CGI qualifies as an investment corporation for Canadian income tax purposes, the payment of capital gains dividends allows the Company to recover taxes paid, or payable, on realized capital gains. Non-residents of Canada will not be subject to Canadian withholding tax on the Dividend.
Including the quarterly dividends of $0.16 per common share, total cash dividend payments of $0.76 per common share in 2016 represent a yield to investors of 4.1% based on the December 6, 2016 closing market price of $18.70.
CGI is a closed-end equity fund, focused on medium to long-term investments in primarily Canadian corporations. Its objective is to provide better than average returns to investors through prudent security selection, timely recognition of capital gains/losses and appropriate income generating instruments.
Jonathan A. MorganPresident & CEO(416) 366-2931(416) 366-2729 (FAX)firstname.lastname@example.org
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