In a little less than two weeks, there will be not one but two sets of rules overseeing equity crowdfunding in New Brunswick and Nova Scotia. And then, there will have to be a few test cases to more fully understand how this crowdfunding thing works in Canada.

On Jan. 25, the so-called Crowdfunding Exemption will come into effect in New Brunswick, Nova Scotia and three other provinces (most importantly Ontario.) It will fill in the regulatory framework under which companies can sell equity (or debt or some hybrid) online in Canada.

But it will be a while until all the questions are answered about how the crowdfunding regime will work.

Here are the facts:

There will be now two sets of rules overseeing equity crowdfunding, known in legalese as the Crowdfunding Exemption and the Startup Exemption. They are approved by various provincial regulators, and in Atlantic Canada both are approved in Nova Scotia and New Brunswick.

The Crowdfunding Exemption – which comes into effect on Jan. 25 – will allow companies to raise a maximum of $1.5 million each year, with a $2,500 ceiling for most individual investors per deal, to a maximum of $10,000 a year. This set of rules places tighter restrictions on the fundraising portal than the other plan.

The Startup Exemption was outlined by six provinces last May. No company can raise more than $250,000 in a single campaign, and companies are limited to two campaigns a year. Investors are limited to maximum investments of $1,500 per company.

So there are still lots of questions to be answered. The Startup Exemption looks attractive because a company could potentially raise $1.5 million. But they would end up with at least 600 investors, which could create a range of administrative problems.

Crowdfunding campaigns are known to be intense procedures, and some question whether it is easier to spend the time to court a handful of seasoned, wealthy investors rather than undergo a crowdfunding campaign.

What’s more, no one knows what an equity crowdfunding campaign will look like, as securities regulators are likely to place strict conditions on what issuers can say during a campaign.

Mounted against all these concerns is clear evidence in Europe that crowdfunding can be a fantastic tool for companies needing money. Consider just one example: The British portal Crowdcube, according to its website, has had 350 successful campaigns that have raised a total of £133 million (C$274 million.)

Stay tuned.