SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                             ----------------------

                                    FORM 8-K

                                 CURRENT REPORT

                             ----------------------




                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

Date of report (Date of earliest event reported): June 30, 1997
                                                  -------------


                            CANADIAN GENERAL CAPITAL
        ---------------------------------------------------------------
               (Exact name of Registrant as Specified in Charter)


      Delaware                      333-1352                   13-7083556
    -------------               ----------------           -------------------
    (State or other             (Commission File              (IRS Employer
    jurisdiction of                 Number)                 Identification No.)
    organization)


IBJ Schroder Bank & Trust Company
One State Street
New York, New York                                                      10004
- --------------------------------------------------------------------------------
(Address of Principal Executive Offices)                                 Zip


Registrant's telephone number, including area code:   (212) 858-2000



                                 Not Applicable
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(Former Name or Former Address if Changed Since Last Report



Item 1.   Changes in Control of Registrant
          --------------------------------

          Not applicable.

Item 2.   Acquisition or Disposition of Assets
          ------------------------------------

          Not Applicable.

Item 3.   Bankruptcy or Receivership
          --------------------------

          Not applicable.

Item 4.   Changes in Registrant's Certifying Accountant.
          ----------------------------------------------

          Not applicable.

Item 5.   Other Events.
          -------------

          1. Receipt of $2,281,455.31 of interest on Canadian General Issuance
Group Limited 9.125% Subordinated Debentures due March 31, 2026 on June 30,
1997.

          2. Payment of $2,281,455,31 to holders of Canadian General Trust
Originated Preferred Securities and Common Stock on June 30, 1997


Item 6.   Resignation of Registrant's Directors.
          --------------------------------------

          Not applicable.

Item 7.   Financial Statements, Pro Forma Financial Information and Exhibits.
          -------------------------------------------------------------------

     (a)  Not applicable.

     (b)  Not applicable.

     (c)  Exhibits.

     99. Administration Trustee's Report in respect of (i) receipt of
$2,281,455.31 of interest on Canadian General Insurance Group Limited 9.125%
Subordinated Debentures due March 31, 2026 on June 30, 1997 and (ii) payment of
$2,281,455.31 to holders of Canadian General Trust Originated Preferred
Securities and Common Stock on June 30, 1997.

Item 8.   Change in Fiscal Year.
          ----------------------

          Not applicable.



                                    SIGNATURE



         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                      CANADIAN GENERAL CAPITAL
                                      (Registrant)

                                         By:   IBJ SCHRODER BANK & TRUST COMPANY
                                               as Administrative Trustee



                                               By: \s\ Stuart Rothenberg
                                                  --------------------------
                                                       Stuart Rothenberg
                                                       Assistant Vice President



Dated:   July 17, 1997



                                  EXHIBIT INDEX
                                  -------------

Exhibit                                                                    Page
- -------                                                                    ----

99.     Administrative Trustee's Report in respect of (i) receipt of
        $2,281,455.31 of interest on Canadian General Insurance Group
        Limited 9.125% Subordinated Debentures due March 31, 2026 on
        June 30, 1997 and (ii) payment of $2,281,455.31 to holders of
        Canadian General Trust Originated Preferred Securities and
        Common Stock on June 30, 1997.