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How to buy Douyin stock in Canada when it goes public

Here's everything we know so far about the Douyin IPO.

Douyin logo

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According to a report in Reuters, ByteDance is in the early planning stages of publicly listing its video-sharing app, Douyin. (Douyin is the Chinese equivalent of TikTok, also owned by ByteDance.) Although ByteDance has not yet confirmed any details, the company is said to be considering IPOs in both the US and Hong Kong.

If the company does decide to list its app, investors in Canada will need a brokerage account that provides access to international stock exchanges.

Note: all dollar amounts on this page are in US dollars unless otherwise stated.

What we know about the Douyin IPO

Unfortunately, ByteDance has yet to confirm any details about the Douyin IPO. Originally, the company was said to be planning to list Douyin on the Hong Kong Stock Exchange, but more recent reports suggest it may also list in New York. Douyin 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. No date has been set for when the stock will be publicly available. We’ll update this page with information as it becomes available.

Will I be able to buy Douyin stocks from Canada?

You won’t be able to buy Douyin stocks on a Canadian stock exchange like the TSX or CSE, but you can from a Canadian-based brokerage that offers access to companies listed on exchanges outside Canada. Depending on where Douyin ends up listing, you’ll need a brokerage that offers access to US stock exchanges like the NYSE and NASDAQ or the Hong Kong Stock Exchange (HKEX).

Some of the Canadian online trading platforms that provide access to US-listed stocks include Questrade, Wealthsimple, Scotia iTRADE and Interactive Brokers. You can access the HKEX through Interactive Brokers.

The process of buying stocks internationally is the same as buying stocks within Canada. You buy and sell using your online trading account or through an investment broker who handles international stocks.

How to buy international stocks from Canada

How to buy shares in Douyin when it goes public

Once Douyin 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.

  1. Compare stock trading platforms. If you’re a beginner, look for a platform with low commissions, expert ratings and investment tools to track your portfolio. Narrow down top brands with our comparison table.
  2. Open and fund your brokerage account. Complete an application with your personal and financial details, like your ID and bank information. Fund your account with a bank transfer, credit card or debit card.
  3. Search for Douyin. Find the stock by name or ticker symbol. Research its history to confirm it’s a solid investment against your financial goals.
  4. Purchase now or later. Buy immediately with a market order or use a limit order to delay your purchase until Douyin reaches your desired price. To spread out your purchase, look into dollar-cost averaging, which smooths out buying at consistent intervals and amounts.
  5. Decide on how many to buy. Weigh your budget against a diversified portfolio that can minimize risk through the market’s ups and downs. You may be able to buy a fractional share of Douyin, depending on your broker.
  6. Check in on your investment. Optimize your portfolio by tracking how your stock — and the business as a whole — performs with an eye on the long term. You may be eligible for dividends and shareholder voting rights on directors and management decisions that affect your stocks.

Compare online trading platforms that provide access to international stocks

Compare special offers, fees structures and a types of investments that are available with some of Canada’s top stock trading platforms.

Note: The dollar amounts in the table below are in Canadian dollars.

Name Product Available asset types Stock Fee Option Fee Account Fee ETF Transaction Cost Feature Table description
Wealthsimple Trade
Stocks, ETFs
$0
N/A
$0
Free
Deposit and trade $100 and get a $50 bonus.
Pay no commissions when you trade Canadian stocks and ETFs with Wealthsimple Trade.
CIBC Investor's Edge
Stocks, Bonds, Options, Mutual Funds, ETFs
$4.95 - $6.95
$4.95 - $6.95 (+$1.25 per contract)
$0 if conditions met, otherwise $100/year
$6.95
$4.95 - $6.95 is applicable for online stock, ETF and option trades only. Pay $4.95 when you qualify as an Active Trader (trade 150+ times per quarter).
An intuitive and easy-to-use platform with access to a variety of tools that help you make smart decisions and trade with confidence.
Interactive Brokers
Stocks, Bonds, Options, ETFs, Currencies, Futures
Min. $1.00, Max. 0.5% of trade value
$1.50 min. per order
$0 (if monthly commissions are greater than or equal to US$10.00)
Min. $1.00, Max. 0.5% of trade value
Extensive trading capabilities and global investment tracking.
Access market data 24 hours a day, six days a week and invest in global stocks, options, futures, currencies, bonds and funds from one single account.
Questrade
Stocks, Bonds, Options, Mutual Funds, ETFs, GICs, International Equities, Precious Metals
$4.95-$9.95
$9.95 + $1 per contract
$0
Free
Get $50 in free trades when you fund your account with a minimum of $1,000.
Opt for self-directed investing and save on fees or get a pre-built portfolio and take some of the guesswork out.
Qtrade Investor
Stocks, Bonds, Options, Mutual Funds, ETFs, GICs
$6.95 - $8.75
$6.95 - $8.75 + $1.25 per contract
$0 if conditions met, otherwise $25/quarter
$0 - $8.75
Trade 100 select ETFs free of charge.
Qtrade Investor offers low trading commissions and an easy-to-use platform with access to powerful tools and a wide selection of investment options. Trade 100 ETFs free of charge and thousands more for $8.75 or lower.
Scotia iTRADE
Bonds, Options, Mutual Funds, ETFs, GICs, International Equities
$4.99-$9.99
$9.99 + $1.25 contract ($4.99 + $1.25 contract if completed 150 trades or more a quarter)
$0
$9.99 ($4.99 if completed 150 trades or more a quarter)
Pay no annual account fees.
Buy, sell and trade ETFs, Equities, Options and more with competitive commissions.
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Compare up to 4 providers

Name Product Available asset types Stock Fee Option Fee Account Fee ETF Transaction Cost Feature Table description
Interactive Brokers
Stocks, Bonds, Options, ETFs, Currencies, Futures
Min. $1.00, Max. 0.5% of trade value
$1.50 min. per order
$0 (if monthly commissions are greater than or equal to US$10.00)
Min. $1.00, Max. 0.5% of trade value
Extensive trading capabilities and global investment tracking.
Access market data 24 hours a day, six days a week and invest in global stocks, options, futures, currencies, bonds and funds from one single account.
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Compare up to 4 providers

Tax implications of buying US stocks in Canada

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.

Investment accounts that do not qualify for this exemption include RESPs, TFSAs and RDSPs.

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. However, 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 to your circumstances.

Online stock trading

Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, 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 CFDs and 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.

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