ACCREDITED INVESTOR DEFINITION
- a person registered under the securities legislation of a jurisdiction of Canada, as an adviser or dealer;
- an individual registered under the securities legislation of a jurisdiction of Canada as a representative of a person referred to in paragraph (a);
- an individual formerly registered under the securities legislation of a jurisdiction of Canada, other than an individual formerly registered solely as a representative of a limited market dealer under one or both of the Securities Act (Ontario) or the Securities Act (Newfoundland and Labrador);
- an individual who, either alone or with a spouse, beneficially owns financial assets having an aggregate realizable value that before taxes, but net of any related liabilities, exceeds Cdn$1,000,000;
- an individual who beneficially owns financial assets having an aggregate realizable value that, before taxes, but net of any related liabilities exceeds $5,000,000;
- an individual whose net income before taxes exceeded Cdn$200,000 in each of the two most recent calendar years or whose net income before taxes combined with that of a spouse exceeded Cdn$300,000 in each of the two most recent calendar years and who, in either case, reasonably expects to exceed that net income level in the current calendar year;
- an individual who, either alone or with a spouse, has net assets of at least Cdn$5,000,000;
- a person, other than an individual or investment fund, that has net assets of at least Cdn$5,000,000 as shown on its most recently prepared financial statements;
- a person acting on behalf of a fully managed account managed by that person, if that person is registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction;
- a person in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are accredited investors;
- a trust established by an accredited investor for the benefit of the accredited investor’s family members of which a majority of the trustees are accredited investors and all of the beneficiaries are the accredited investor’s spouse, a former spouse of the accredited investor or a parent, grandparent, brother, sister, child or grandchild of that accredited investor, of that accredited investor’s spouse or of that accredited investor’s former spouse.
Definitions
“financial assets” means
- cash,
- securities, or
- a contract of insurance, a deposit or an evidence of a deposit that is not a security for the purposes of securities legislation;
“fully managed account” means an account of a client for which a person makes the investment decisions if that person has full discretion to trade in securities for the account without requiring the client’s express consent to a transaction;
“investment fund” means a mutual fund or a non-redeemable investment fund, and, for greater certainty in British Columbia, includes an EVCC and a VCC;
“person” includes
- an individual,
- a corporation,
- a partnership, trust, fund and an association, syndicate, organization or other organized group of persons, whether incorporated or not, and
- an individual or other person in that person’s capacity as a trustee, executor, administrator or personal or other legal representative;
“related liabilities” means
- liabilities incurred or assumed for the purpose of financing the acquisition or ownership of financial assets, or
- liabilities that are secured by financial assets;
“spouse” means
- is married to another individual and is not living separate and apart within the meaning of the Divorce Act (Canada), from the other individual; or
- is living with another individual in a marriage-like relationship, including a marriage-like relationship between individuals of the same gender; or
- in Alberta, is an individual referred to in paragraph (a) or (b), or is an adult interdependent partner within the meaning of the Adult Interdependent Relationships Act (Alberta);
“subsidiary” means an issuer that is controlled directly or indirectly by another issuer and includes a subsidiary of that subsidiary;
“VCC” means a venture capital corporation registered under Part 1 of the Small Business Venture Capital Act (British Columbia), R.S.B.C. 1996 c. 429, whose business objective is making multiple investments.
