The declaration, timing, amount and payment of dividends are at the discretion of the Board of Directors and will depend upon the Company’s future earnings, cash flows, acquisition capital requirements and financial condition, and other relevant factors. There can be no assurance that the Company will declare a dividend on a quarterly, annual or other basis.
On September 20, 2022, the Board of Directors of the Company declared an inaugural quarterly dividend of $0.01 per common share to shareholders of record as of the close of business on October 21, 2022. Total dividends of $445,940 was paid on November 4, 2022.
On November 14, 2022, the Board of Directors of the Company declared a quarterly dividend of $0.01 per common to shareholders of record as of the close of business on December 30, 2022. Total dividends of $447,583 was paid on January 13, 2023.
On March 13, 2023, the Board of Directors of the Company declared a quarterly dividend of $0.011 per common share to shareholders of record as of the close of business on March 31, 2023. Total dividends of $496,397 was paid on April 14, 2023.
A Direct Deposit option is in place to provide shareholders who have Canadian bank accounts with a method of receiving cash dividends as a direct deposit into their bank account.
CANADIAN INCOME TAX
Dividends paid on common shares are designated as eligible dividends for Canadian income tax purposes. If you have any questions regarding the taxation of eligible dividends, please contact your Canadian tax advisor or your local office of the Canada Revenue Agency.
Shareholders who are not residents of Canada for income tax purposes are encouraged to seek advice from a qualified tax advisor in their country of residence regarding the tax treatment of dividends.
NON-RESIDENT WITHHOLDING TAX
Dividends paid or payable to non-residents of Canada are subject, on the date of payment, to a withholding tax of 25%, as prescribed by the Income Tax Act (Canada). This withholding tax may be reduced in accordance with reciprocal tax treaties. In the case of the Tax Treaty between Canada and the U.S., the withholding tax for U.S. residents is prescribed at 15%.
Vox encourages all non-resident shareholders holding shares directly on the company’s register (as opposed to through an intermediary such as CDS & Co.) to complete the Canada Revenue Agency’s Form NR301 and return the completed form to [email protected] by October 14, 2022 in order for Vox’s transfer agent, TSX Trust, to apply the correct amount of withholding prior to payment of dividends. For more information, please visit the Canada Revenue Agency’s website here.