Crown Point’s dividend policy undergoes a periodic review by the Board of Directors and is subject to change at any time depending upon the earnings of Crown Point, its financial requirements and other factors existing at the time. Prior to 2019, dividends had not been paid on the common shares of Crown Point. On June 7, 2019, the Board of Directors approved a dividend policy for the payment of Crown Point’s first regular quarterly dividend.
Crown Point’s history of dividend payments is as follows:
|DECLARATION DATE||RECORD DATE||PAYMENT DATE||
(US$ PER COMMON SHARE)
|August 16, 2019||September 13, 2019||September 30, 2019||$0.015||Special|
|August 16, 2019||September 13, 2019||September 30, 2019||$0.01||Regular|
|June 7, 2019||June 28, 2019||July 15, 2019||$0.01||Regular|
Crown Point Dividend Tax Information
This summary is of a general nature only and is not intended to be nor should it be construed to be legal or tax advice to any particular shareholder. Shareholders are encouraged to consult their own tax advisors regarding the tax consequences and reporting obligations to them of receiving cash dividends.
Canadian Resident Individual Shareholders
Unless otherwise indicated, dividends paid by Crown Point will be designated as “eligible dividends” for Canadian income tax purposes. An eligible dividend paid to a Canadian resident is entitled to the enhanced dividend credit.
The following information is provided for general information purposes only. Investors are encouraged to seek advice from a qualified tax advisor in their country of residence to obtain guidance with respect to the appropriate tax treatment of their dividends.
Dividends paid by Crown Point will be subject to Canadian withholding tax at the rate of 25% on the gross distribution unless the rate is reduced under the provisions of a tax treaty between Canada and the non-resident shareholder’s jurisdiction of residence. The non-resident shareholder should be eligible to claim a credit or deduction against local taxes with respect to these Canadian non-resident withholding taxes.
United States Shareholders
Where the non-resident shareholder is a United States resident they may be entitled to benefits under the Canada-U.S. tax treaty. The rate of Canadian withholding tax on dividends is generally reduced to 15% under the Canada-U.S. tax treaty. To be entitled to the reduced withholding tax, the U.S. shareholder must provide form NR301 – “Declaration of Eligibility for Benefits under a Tax Treaty for Non-resident Taxpayer” or equivalent information to Crown Point’s transfer agent (Computershare Investor Services Inc.) or to their registered broker, investment dealer, financial institution or other nominee, as applicable, if they are the beneficial shareholder.