2023 Ontario Exempt Market at $295.6B

TORONTO, May 6, 2024 /Private Capital Newswire/ – Ontario exempt market reached $295.6 billion in 2023, according to the inaugural exempt summary report released by CPE Analytics.

Ontario exempt market consists of two equally important components: investors and issuers.

  • Investments by Ontario investors in Ontario issuers, other Canadian, US and international issuers.
  • Capital raised by Ontario issuers from Ontario investors, other Canadian, US and international investors.

CPE summary report is the first analysis of both components.  This report is summary, and full and comprehensive reports are available and fees based.

Ontario Investors

In 2023, Ontario investors invested $223.8 billion in Ontario issuers, non-Ontario Canadian issuers, US and international issuers.  Bulk (66%) of the investments went to Ontario issuers.

Region $ Millions
Ontario 148,416
USA 35,289
Europe 14,197
Quebec 10,078
Prairies 8,304
British Columbia 3,923
Asia 2,417
Atlantic Canada 904
Americas 116
Middle East 108
Mexico 28
Caribbean 16
Africa 5
Territories 0

Ontario Issuers

Ontario issuers raised $220.2 billion in 2023 from Ontario investors, non-Ontario Canadian investors, US and international investors. 67% of the money came from Ontario investors.

Region $ Millions
Ontario 148,416
Prairies 21,124
Quebec 18,740
USA 18,694
British Columbia 9,191
Atlantic Canada 3,134
Europe 349
Caribbean 250
Asia 162
Territories 88
Africa 30
Americas 16
Middle East 15
Mexico 5

In aggregate, Ontario had a net outflow of $3.6 billion in 2023 in exemption financings.

“We are pleased to release Ontario’s first ever complete exempt market summary report.  Ontario issuers generally do not raise capital from Ontario investors alone. Investments by non-Ontario investors is a very important component in capital formation of Ontario issuers and companies. In 2023, non-Ontario investors contributed 33% of total capital raised by Ontario issuers.  Any capital formation strategy without consideration of this important piece of information is incomplete and would eventually lead to questionable or fundamentally wrong polices,” commented Ted Liu, President & CEO of CPE Media & Data Company.

Data Sources

Form 45-106F1 Report of Exempt Distributions

  • SEDAR, BCSC, OSC, AMF (Quebec) before launch of SEDAR+
  • SEDAR+ and AMF (Quebec) after SEDAR+

Form D, Notice of Sale of Securities

  • U.S. Securities and Exchange Commission (SEC)


  • Issuer financial reports (SEDAR or SEDAR+)



Data is cross checked with financial reports for obvious filing errors which in many cases were not corrected or amended by the issuers.  Most commonly, debt settlements or properties/assets acquisitions have the tendencies of being misfiled as primary securities distributions instead with the proper exemption types.

Issuer included:

  • private and public issuers
  • investment fund (IF) issuers
  • non-IF investment fund issuers



  • debt settlements
  • properties/assets acquisitions
  • other non-monetary issuances such as share-exchange
  • Exempt financings shall had but never filed by issuers (no regulatory enforcement either)


Canadian Financings

Canadian Financings, a service of CPE Analytics, is Canada’s only all financings database covering private and public financings (exempt and non-exempt) by both Canadian and foreign firms, both debt and equity, IPOs, fundraisings by both Canadian and foreign, professional VC/PE firms, non-investment fund issuer funds, and investment funds. https://financings.ca/

CPE Analytics

CPE Analytics is a Canadian all financing intelligence provider.   We provide comprehensive, verified, and unbiased information and unmatched insights and intelligence on private and public financings, initial public offerings (IPOs), professional investment firm fundraising activities.

CPE Analytics is the data analytics division of CPE Media & Data Company.  https://cpecompany.ca/cpe-analytics/

CPE Media & Data Company

Founded by Canada’s most experienced private capital and financing research experts, CPE Media & Data Company is Canada’s leading all financing news and data provider. https://cpecompany.ca/

Source: CPE Media & Data Company