This Policy describes how the Magenta Group collects, uses, protects, and discloses your personal information. The Magenta Group includes Magenta Capital Corporation (MCC), Magenta Mortgage Investment Corporation (MMIC), Magenta II Mortgage Investment Corporation (MIIMIC), Magenta III Mortgage Investment Corporation (MIIIMIC), and their affiliates and subsidiaries. The Magenta Group is committed to complying with the fair information principles set out in Canada’s Personal Information Protection and Electronic Documents Act, which are discussed in detail further below.
What is Personal Information?
Personal information is any information that identifies you as an individual. This can include, for example,
- age, name, date of birth, telephone numbers, ID numbers, and marital status
- opinions, comments, and reviews
- income, employment records, credit records, and loan records
When you give us personal information, we use it not only to identify you as our customer but also to understand your needs and how we can serve you better. The specific information we collect will depend on the service you are requesting.
How Do We Collect Your Personal Information?
On the Magenta Capital Corporation (MCC) website, there is a contact form you can use to submit inquiries about investing, residential broker services, commercial broker services, borrowing, or other general matters. When you submit an inquiry, it will be directed to an employee within the Magenta Group who can respond with information about the specific subject matter you are interested in.
A Magenta Group representative will respond to your message by email at the address you include in your submission. We will not share any personal information from your contact form submission outside the organization without your consent unless we are required to do so by law. However, we caution against including sensitive information such as bank account numbers because not all internet browsers are secure.
We also use a secure portal as a means of collecting information from intermediaries such as mortgage brokers and agents who would like to submit information about potential transactions. In this context, the intermediaries can upload information about all aspects of the transaction, which may include information about borrowers such as name, financial information, and contact information.
Apart from the website, we may also collect personal information from you in person, on paper, or over the telephone when you request a service from us. We will collect the information directly from you or from your authorized representative(s) in application forms or through other means of correspondence. In some cases, and with your consent, we may need to ask an independent source to verify or provide supplemental information. These sources could include service providers such as financial institutions, your employer, or credit reporting agencies.
Why Do We Collect Your Personal Information?
There are a number of reasons we may collect and use your personal information. Most of these relate to the day-to-day operations of the Magenta Group and facilitate the delivery of services and products we provide to you. In general, we use the information to
- confirm your identity and understand your needs
- determine the suitability of our products and services for you and your eligibility for them
- inform you about products and services that may meet your needs
- provide ongoing support in relation to the products and services we provide to you
- comply with legal requirements and regulations, including tax reporting obligations under the Income Tax Act
We will only collect your personal information with your consent or as required or permitted by law. We will inform you of the purposes for which we need the personal information we collect and only collect information that is relevant for the purpose of providing the products and services you request.
How Do We Protect Your Personal Information?
We use physical, organizational, and electronic safeguards to protect your personal information. For example, we restrict physical access to areas where information is collected, stored or processed to authorized employees. We also maintain electronic security measures such as firewalls, encryption, multi-factor authentication, and password protection to prevent unauthorized access to our electronic records of personal information. We ensure employees understand our privacy policy and only use your information for the reasons you gave it to us.
How Long Do We Retain Your Personal Information?
We will only keep your personal information for as long as we need it for the reasons you gave it to us, unless there is a legal requirement to keep it longer such as where it relates to a court proceeding or a complaint.
With Whom Do We Share Your Personal Information?
Magenta Group companies may share your personal information with other companies within the Magenta Group if necessary to provide a product or service you requested or to identify another product or service you may be interested in. However, Magenta Group will not sell, trade or lend your personal information to any third parties unless we have your express permission to do so.
There may be times we need to disclose your information to other parties, without selling it, such as when we need to consult credit reporting agencies in order to provide a product or service you requested, or when we need to report a risk of criminal activity to legal authorities. We may also be required to disclose information to regulators for the purposes of an audit or investigation.
It may also be necessary to share your information with service providers we hire to assist with support services such as data processing. We only contract with suppliers that have a proven track record of securely handling personal information. However, if those service providers have servers located in foreign jurisdictions, they will be bound by the laws of those jurisdictions and will need to comply with any orders of government authorities to give them access to information on those servers.
How Do We Comply with Canada’s Fair Information Principles?
This section of the Policy sets out more information about how the Magenta Group complies with the fair information principles set out in Canada’s Personal Information Protection and Electronic Documents Act. Each principle is discussed in turn below.
Accountability: Maintaining the security and confidentiality of your personal information is a part of the responsibility of every employee at the Magenta Group. Employees and our suppliers are informed about and must comply with the policies and procedures we have established regarding the collection, use and storage of the personal information collected. We have designated individuals who are responsible for monitoring our ongoing compliance with the Privacy Principles.
Identifying purposes: Your information is collected in order to identify you as our customer and to provide you with products and services. Your information helps us determine your needs, what products and services would suit you, and your eligibility, as well as to provide you with information on other products and services you might be interested in (provided by us or by our affiliates). We also collect your information to comply with laws and regulations and to maintain both your interests and our own.
Consent: Your consent is required for the collection, use and disclosure of your personal information, subject to certain exceptions (such as medical emergencies or government investigations). Your consent may be given verbally, electronically, in a written format or through authorized representatives.
Limiting collection: We collect your personal information directly from you (or your authorized representative) for the purposes previously mentioned. We may also collect information from external sources such as credit bureaus, employers, and other lenders.
Limiting use, disclosure, and retention: We will only use or disclose your personal information for the purposes for which it was collected, other purposes you consent to, or as required or permitted by law. We will only keep it as long as is necessary to satisfy the purposes for which it was collected, or as required or permitted by law.
Accuracy: We will strive to maintain the accuracy and relevance of your personal information. If there is any change to your information, please notify us at the contact information below and we will update our files. You can also ask our Compliance Officer at any time for a copy of all of your personal information that we have on file, and if you identify any inaccuracies we will work with you to correct them.
Safeguards: The security of your personal information involves physical, organizational, and electronic methods. We only contract with suppliers that have a proven track record of securely handling personal information. We restrict physical access to areas where information is collected, stored or processed to authorized employees. We also maintain electronic security measures such as password protection to prevent unauthorized access to our electronic records of personal information.
Openness: We will make information about our privacy policies and practices for managing your personal information available to you upon request. For inquiries regarding our policies and procedures, please contact our Compliance Officer at the address listed further below.
Individual access: When you request it, we will tell you what personal information we have, what it is being used for, from whom it was collected and to whom it has been disclosed. We will provide this information to you in a timely manner. We will provide you with access, upon request, to your own personal information, except in certain situations. We will explain the reason for this lack of access when you make your request. We will not provide certain information if it:
- Contains references to other persons
- Is subject to solicitor-client or litigation privilege
- Contains our own “proprietary information” (our scoring calculations, risk assessment formulas or recommendation processes)
- Cannot be disclosed for legal reasons
- Is used for the detection and prevention of criminal activity and dealings in proceeds of crime
We will not record in your file when personal information is disclosed to third parties for routine purposes, such as
- Reporting to Canada Revenue Agency (T5 or other reports)
- Regular updating of credit information to credit bureaus
- Information provided to legal counsel for the purpose of collections
- If it is discovered that the information that we have on file is incorrect or obsolete, we will update our records accordingly. We reserve the right to decline a requested correction, but will append a notation to the records of your requested alternative information. Whenever possible we will correct any information which we may have given to an outside organization.
If it is discovered that the information that we have on file is incorrect or obsolete, we will update our records accordingly. We reserve the right to decline a requested correction, but we will include a notation of your requested alternative information in our records. Whenever possible we will correct any information we may have given to an outside organization.
If a third party (such as a credit bureau or reporting agency) has given us information that you believe is incorrect, we will provide you with the name and address of that party so you can contact them to correct the information they maintain.
Provide recourse: You may contact us if you have any inquiries or concerns with respect to our privacy policies and practices. We will deal with your questions and concerns as quickly as possible. All inquiries should be sent to our Compliance Officer at the address listed below.
The security and confidentiality of your personal information is a high priority for the Magenta Group. We hope that this Privacy Code is informative and useful to you. If you have any concerns regarding this Privacy Code or have any further questions, you may bring them to our attention as follows:
Compliance Officer
Magenta Capital Corporation
47 Gore Street East
Perth, Ontario
K7H 1H6
Email: [email protected]
Telephone: 1-888-267-1744 ext.312
If Magenta Capital Corporation is unable to answer your questions or satisfy your concerns regarding this Privacy Code, you may refer to our Customer Complaint Procedures for further guidance.
Customer Complaint Procedures
Magenta Capital Corporation is committed to providing the best possible service to all our customers. We understand that sometimes you have concerns, and we welcome your suggestions and comments. If you have a complaint, following these instructions will ensure it is addressed as quickly as possible.
You should start by contacting the representative at Magenta Capital Corporation that you were dealing with initially. If this person is unable to resolve the matter to your satisfaction, ask to speak with the manager or team leader of the business area. They will have the authority to resolve most problems immediately.
If your complaint remains unresolved after speaking to these two individuals, please contact our Compliance Officer and your complaint will be addressed accordingly.