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Rumors are swirling that popular mortgage lender Better.com may be planning an IPO. The company completed a $200 million round of Series D funding in November 2020. And according to a report in Bloomberg, the company is planning to confidentially file with the SEC early in 2021.
During LendIt Fintech’s USA 2020 virtual event, CEO Vishal Garg suggested that the company plans to go public at some point. However, he wouldn’t comment on the timeline. Here’s how to buy in from Canada when Better.com finally goes public.
Note: all dollar amounts on this page are in US dollars unless otherwise stated.
Better.com is expected to go public in 2021, although it has not yet filed a viewable Form S-1 with the US Securities and Exchange Commission. There’s no news yet about how much the stock will cost when it goes public. We’ll update this page with information as it becomes available.
You won’t be able to buy Better.com shares on a Canadian stock exchange like the TSX or CSE, but you can from a Canadian-based brokerage that offers international access to companies listed on stock exchanges outside of Canada. Specifically, you’ll need a brokerage that provides access to US exchanges, given that Better.com is a US-based company.
The process of buying stocks in a US company while living in Canada is the same as buying stocks in a Canadian company. You buy and sell using your online trading account or through an investment broker who handles US stocks.
Once Better.com goes public, you’ll need a brokerage account to invest. Consider opening a brokerage account today so you’re ready as soon as the stock hits the market.
Agreements between Canada and the US require Canadians holding US stock investments to pay the US Internal Revenue Service (IRS) a 15% withholding tax on any dividends earned on their US stocks. Interest earned from bonds or other interest-yielding US investments are similarly taxed at a rate of 10%.
An exception is made for stock investments held in trust exclusively designed to provide retirement income. Such trusts include RRIFs, LIRAs, LIFs, LRIFs and Prescribed RRIFs. RRSPs are also exempt from US withholding tax if you own US investments in the form of US stocks, bonds or ETFs.
All income from investments, including foreign investments, must be declared as part of your income on your Canadian tax return. Unless your US earnings are exempt from withholding tax, this means you’ll be double taxed on those earnings — first by the IRS, then by the CRA.
To buy stocks, you’ll need to open a brokerage account. Compare your options using the table below to find the best fit for you. Take a look at our guide on opening a stock trading account to learn more.
Note: The dollar amounts in the table below are in Canadian dollars.
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