About the Author
MICHAEL BOYD
Born in Scotland, Michael Boyd was educated at Cambridge University where he studied economics. In 1952 he joined Greenshields Inc., a Montreal-based investment dealer. While there, he founded the Mortgage Insurance Company of Canada which enabled institutional mortgage lenders to originate high ratio insured first mortgage loans. He formed Boyd, Stott & MacDonald Ltd. in 1964. In 1967 he formed Morguard Trust Company, of which he was Chairman, and Home Capital Funds in Austin, Texas which provided the U.S. housing market with high ratio insured first mortgage loans. In 1972 he was asked to advise the Government on ways and means of increasing the flow of savings into residential mortgages. This led to the introduction of variable rate mortgages in Canada and to a change in the Income Tax Act to accommodate Mortgage Investment Companies in which dividends are deductible, allowing earnings to flow through to shareholders before corporate tax. Boyd, Stott & MacDonald purchased the controlling interest in Westmount Life Insurance Company and Michael Boyd became Chairman. Among other activities, he provided funding for the start-up of Canadian Bond Rating Services.
In 1980, Michael Boyd formed Michael Boyd Associates. He acted as a consultant to Alcan, and to Narinder Kapany, the pioneer of optical fibres. Subsequently he formed Boyd, Peeters & Molson, to seek out investment opportunities. Fonorola Inc., an international telecom company which attracted backing from Rothschild interests in London, Citicorp Capital Ventures, New York, and equipment financing from Bell Canada, was founded in 1989, with Michael Boyd as Chairman and Jan Peeters as Chief Executive Officer. It was the first telecom to use exclusively optical fibres. It expanded very rapidly until it was taken over in 1998 by Sprint Canada. Michael Boyd became a founding shareholder of Olameter Inc., formed by Jan Peeters in 1998, and retired as a director in 2015.
Born in Scotland, Michael Boyd was educated at Cambridge University where he studied economics. In 1952 he joined Greenshields Inc., a Montreal-based investment dealer. While there, he founded the Mortgage Insurance Company of Canada which enabled institutional mortgage lenders to originate high ratio insured first mortgage loans. He formed Boyd, Stott & MacDonald Ltd. in 1964. In 1967 he formed Morguard Trust Company, of which he was Chairman, and Home Capital Funds in Austin, Texas which provided the U.S. housing market with high ratio insured first mortgage loans. In 1972 he was asked to advise the Government on ways and means of increasing the flow of savings into residential mortgages. This led to the introduction of variable rate mortgages in Canada and to a change in the Income Tax Act to accommodate Mortgage Investment Companies in which dividends are deductible, allowing earnings to flow through to shareholders before corporate tax. Boyd, Stott & MacDonald purchased the controlling interest in Westmount Life Insurance Company and Michael Boyd became Chairman. Among other activities, he provided funding for the start-up of Canadian Bond Rating Services.
In 1980, Michael Boyd formed Michael Boyd Associates. He acted as a consultant to Alcan, and to Narinder Kapany, the pioneer of optical fibres. Subsequently he formed Boyd, Peeters & Molson, to seek out investment opportunities. Fonorola Inc., an international telecom company which attracted backing from Rothschild interests in London, Citicorp Capital Ventures, New York, and equipment financing from Bell Canada, was founded in 1989, with Michael Boyd as Chairman and Jan Peeters as Chief Executive Officer. It was the first telecom to use exclusively optical fibres. It expanded very rapidly until it was taken over in 1998 by Sprint Canada. Michael Boyd became a founding shareholder of Olameter Inc., formed by Jan Peeters in 1998, and retired as a director in 2015.
I have long thought that the double taxation of dividends is about the worst way to tax corporate profits accruing to shareholders. My views are outlined in the paper but I am not qualified in either tax law or accepted accounting practices and I am not capable of arguing the case adequately. However, I believe this matter is most important and should be the subject of widespread discussion and debate amongst shareholders by qualified professional advisors and the relevant politicians as soon as the economic horizon has cleared a bit.
Michael Boyd
Michael Boyd