Crowdfunding is a process through which an individual or a business can raise small amounts of money from a large number of people, typically via the Internet. The objective is to raise sufficient funds in order to carry out a specific project.

Securities crowdfunding is when a business raises funds by issuing debt securities (such as bonds) or securities giving the right to participate in future profits (such as shares). In Québec, issuing securities offered to the public is subject to legal and financial obligations.

The Autorité des marchés financiers has adopted registration and prospectus exemptions that allow companies to use securities crowdfunding to raise capital, subject to certain conditions.

Information

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End of the Information

Start-up Crowdfunding Exemption

CSA Staff Notice 45-324 – Update on the Start-up Crowdfunding Registration and Prospectus Exemptions (pdf - 137 KB)This link will open in a new windowUpdated on 21 February 2019Update on the Start-up Crowdfunding Registration and Prospectus Exemptions

Multilateral CSA Notice 45-319 including the blanket order (pdf - 324 KB)This link will open in a new windowUpdated on 30 June 2016"Multilateral, CSA, Notice, 45-319, Amendments, Start-up, Crowdfunding, Registration, Prospectus, Exemptions"

Multilateral CSA Notice 45-317 (pdf - 110 KB)This link will open in a new windowUpdated on 21 January 2016Crowdfunding

Multilateral CSA Notice 45-316 (pdf - 245 KB)This link will open in a new windowUpdated on 14 May 2015Start-up Crowdfunding

45-108 Regulation

Regulation 45-108 respecting Crowdfunding

Policy Statement to Regulation 45-108

CSA Notice of Publication of Regulation 45-108 respecting crowdfunding(pdf - 202 KB)This link will open in a new windowUpdated on 5 November 2015Crowdfunding


Start-up Crowdfunding Guide

For Funding Portals

Start-up Crowdfunding Guide for Funding Portals (pdf - 470 KB)This link will open in a new windowUpdated on 20 August 2020Start-up Crowdfunding

For Businesses

Start-up Crowdfunding Guide for Businesses (pdf - 495 KB)This link will open in a new windowUpdated on 20 August 2020Start-up Crowdfunding

Preparing an offering document (pdf - 301 KB)This link will open in a new windowUpdated on 20 August 2020Start-up Crowdfunding

For Investors

Start-up Crowdfunding Guide for Investors (pdf - 395 KB)This link will open in a new windowUpdated on 20 August 2020Start-up Crowdfunding