New investors on goPeer are initially considered “non-eligible" investors. Essentially, that means you may invest up to a maximum of $10,000 per year in exempt market securities (such as the notes available on goPeer).
However, if you qualify as either an “eligible” or “accredited” investor, we can easily upgrade and potentially remove your investment limit. Upgrading your account is free of cost!
To qualify as an eligible investor, you must meet one of the following criteria:
- Net income before tax exceeding $75,000 in the previous two calendar years, with an expectation to exceed that level in the current year.
- Net income, alone or with a spouse, exceeding $125,000 in the previous two calendar years, with an expectation to exceed that level in the current year.
- Net assets, alone or with a spouse, exceeding $400,000.
To qualify as an accredited investor, you must meet one of the following criteria:
- Net income before taxes of more than $200,000 in each of the two most recent calendar years and expected net income of more than $200,000 in the current calendar year.
- Net income before taxes combined with a spouse of more than $300,000 in each of the two most recent calendar years and expected combined net income of more than $300,000 in the current calendar year.
- Financial assets, alone or with a spouse, of at least $1 million before taxes but net of related liabilities. Financial assets include cash and bank deposits but not the value of a house.
- Net assets, alone or with a spouse of at least $5 million. Net assets generally include all of your assets after subtracting your debt.
If you qualify under the income criteria, we usually require your CRA notice of assessment for the last 2 years. Otherwise, if you qualify under the assets criteria, we usually require a letter or PDF statement from your financial institution, accountant, or lawyer. We can also accept other documents that evidence one of the above criteria is met.
To upgrade your account, while you are logged in on the dashboard, you should see a person or profile icon in the top right hand corner. If you click on that, you should see an option to "Upgrade Account" in the dropdown menu which will allow you to upload the required documents.
Please contact us at email@example.com if you have any questions or if you need to send any additional documents.