The following is an excerpt from MSC Rule 45-103 (Please refer to the full document)
THE
MSC RULE 2003-3
(Section 149.1, The Securities Act)
MULTILATERAL INSTRUMENT 45-103
CAPITAL RAISING EXEMPTIONS
PART 1 – DEFINITIONS
Definitions
1.1 In this Instrument
"accredited investor" means
(a) . . . .
(k) an individual who, either alone or with a spouse, beneficially owns, directly or indirectly, financial assets having an aggregate realizable value that before taxes, but net of any related liabilities, exceeds $1,000,000,
(l) an individual whose net income before taxes exceeded $200,000 in each of the two most recent years or whose net income before taxes combined with that of a spouse exceeded $300,000 in each of the two most recent years and who, in either case, reasonably expects to exceed that net income level in the current year,
(m) a person or company, other than a mutual fund or non-redeemable investment fund, that, either alone or with a spouse, has net assets of at least $5,000,000, and unless the person or company is an individual, that amount is shown on its most recently prepared financial statements,
PART 2 – PRIVATE ISSUER EXEMPTION
Private issuer exemption
2.1(1) The dealer registration requirement does not apply to a person or company with respect to a trade in a security of a private issuer if the purchaser purchases the security as principal and is
(a) . . . .
(h) an accredited investor,