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There are a number of different prospectus exemptions, and each has its own rules about who can sell securities and who can buy securities under the prospectus exemption. Criteria for individuals who meet certain income or financial asset thresholds in addition to investment limits are set within each prospectus exemption of National Instrument 45-106 (and can vary per province). These exemptions allow companies to sell their securities to individuals without the protections the preparation of a prospectus affords. This previous Re: Investing question may help provide additional insight
Each province and territory are responsible for regulating their own capital markets through the administration of their respective Securities Act. In Ontario, it is the Ontario Securities Commission (OSC). It may be beneficial to contact your local securities regulator for information on regulatory matters or speak with a legal professional for advice.
Visit GetSmarterAboutMoney.ca to learn about the exempt market and prospectus exemptions including, the criteria for eligible, non-eligible, and accredited investors.