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): December 31, 1997
                                                  -----------------


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


  Delaware                        1-14218                        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
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(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
December 31, 1997.

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

         1.   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 December 31, 1997 and (ii) payment
of $2,281,455.31 to holders of Canadian General Trust Originated Preferred
Securities and Common Stock on December 31, 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: January 29, 1998







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

Exhibit                                                                    Page
- -------                                                                    ----
99        Administrative Trustee's Report in respect of (i) receipt of       1
          $2,281,455.31 of interest on Canadian General Insurance Group
          Limited 9.125% Subordinated Debentures due March 31, 2026 on
          December 31, 1997 and (ii) payment of $2,281,455.31 to holders
          of Canadian General Trust Originated Preferred Securities and 
          Common Stock on December 31, 1997.