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What we know about the Better.com IPO
Better.com—a US-based fintech company that seeks to digitalize and simplify the process getting mortgages, title insurance and home insurance—has confirmed that it plans to go public by merging with Aurora Acquisition Corp., a special purpose acquisitions company (SPAC).
The newly-traded company, Better Home & Finance, will trade on the Nasdaq under the ticker symbols "BETR" and "BETRW." Details such as the opening stock price and the exact date of the merger have not been officially confirmed.
Better.com stands to receive around $1.5 billion in private investment in public equity (PIPE) investments from the deal. The combined company is expected to have a market valuation of $6.9 billion.
Investors were expecting the merger to take place at the end of 2021. But mass layoffs and the subsequent leave of Better.com CEO Vishal Garg brought heaps of public criticism on the company, delaying its plans to go public.
Aurora Acquisition currently trades on the Nasdaq Capital Market under the ticker symbol "AURC." SPACs, or "blank check" companies, exist purely on paper for the purpose of going public, raising capital and merging with another company. Going public by merging with an SPAC is both quicker and easier than the traditional IPO process.
You can read more about the Better.com-Aurora merger in this business combination agreement submitted to the US Securities and Exchange Commission (SEC) on February 10, 2022. We'll update this page as more information becomes available.
Note: all dollar amounts on this page are in US dollars unless otherwise stated.
How to buy Better.com stock when it starts trading
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.
Compare stock trading platforms.Use our comparison table to help you find a platform that fits your needs.
Open your brokerage account.Complete an application with your details.
Confirm your payment details.Fund your account.
Research the stock.Find the stock by name or ticker symbol – BETR – and research it before deciding if it's a good investment for you.
Purchase now or later.Buy your desired number of stocks with a market order or use a limit order to delay your purchase until the stock reaches a desired price.
Will I be able to buy Better.com stock in Canada?
You won't be able to buy Better.com stocks on a Canadian stock exchange like the TSX. Instead, you need a Canadian broker that provides access to international stock exchanges.
Interactive Brokers provides access to many stock exchanges outside North America like the Hong Kong Stock Exchange (SEHK), Korea Stock Exchange (KSE), National Stock Exchange of India (NSE), Frankfurt Stock Exchange (FWB) and London Stock Exchange (LSE).
Buy Better.com stocks from these online trading platforms
Compare special offers, low fees and a wide range of investment options among top trading platforms.
Note: The dollar amounts in the table below are in Canadian dollars.
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Tax implications of buying US stocks in Canada
Canadians who earn dividends from US stock investments must pay the US Internal Revenue Service (IRS) a 15% withholding tax on their earnings. The rate goes down to 10% for bonds and other interest-yielding US investments.
An exception is made for stock investments held in trusts designed to provide retirement income. This includes RRIFs, LIRAs, LIFs, LRIFs and Prescribed RRIFs. RRSPs that hold US stocks, bonds or ETFs are also exempt from US withholding tax. RESPs, TFSAs and RDSPs are not exempt.
Canadian and international investment income must be declared on your Canadian tax return. Unless your US earnings are exempt from withholding tax, this means you'll be taxed by both the IRS and the CRA. The CRA may allow you to claim foreign tax credits for any taxes you've already paid to the IRS.
Speak with a tax professional to find out what rules and exceptions apply in your circumstances.
Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.
Dawn Daniels is a freelance content strategist and SEO manager and former editor at Finder, specializing in investments and lending. Dawn has edited more than 50 published books, including personal finance titles that have become best sellers on the Amazon Top 100. She holds a BA in English language and literature from Cornell College.
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