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How to buy FaZe Clan (FAZE) stock in Canada when it goes public

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

Esports company, FaZe Clan, is planning to go public by merging with B. Riley Principal 150 Merger Corp., a special purpose acquisitions company (SPAC). Through the deal, FaZe Clan is expected to be valued at $1 billion.

Here's what we know so far and how to buy FaZe Clan stock in Canada when it becomes available.

What we know about the FaZe Clan IPO

FaZe Clan logo

On October 25, FaZe Clan—a youth lifestyle and media platform known especially among the gaming community—announced that it will be going public by merging with B. Riley Principal 150 Merger Corp., a special purpose acquisition company (SPAC).

The merger will happen sometime in 2022. The newly formed company will trade on the Nasdaq under the ticker symbol "FAZE." Details like the exact date of the merger, the size of the offering and the proposed stock price have not yet been announced.

The deal will provide FaZe Clan with at least $291 million in proceeds and a market valuation of $1 billion.

B. Riley Principal 150 Merger Corp. went public on February 19, 2021, on the Nasdaq Capital Market under the ticker symbol "BRPMU." The IPO grossed $150 million from the sale of 15 million stocks at a starting price of $10.00 each. You can read more about the merger in B. Riley's filing with the US Securities and Exchange Commission (SEC).

We'll update this page as more information becomes available.

About FaZe Clan

Originally known as FaZe Sniping, FaZe Clan is a gaming group founded in May 2010 by Yousef Abdelfattah ("FaZe Apex"). Today, the company consists of more than 80 professional gamers and content creators that produce online content based on popular games like Fortnite, Call of Duty, CSGO, PUBG, Valorant, Rainbow Six Siege and FIFA.

According to esportsearnings.com, the company has earned more than $10.2 million in winnings from 440+ esports tournaments. As of October 26, 2021, the FaZe Clan YouTube channel has 8.69 million subscribers and over 1.1 billion views on all of its videos.

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

Finder's top picks on where to buy FaZe Clan stock when it goes public

How to buy shares in FaZe Clan when it goes public

Once FaZe Clan 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 share 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 FaZe Clan. Find the stock by name or ticker symbol: FAZE. 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 FaZe Clan 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 FaZe Clan, depending on your broker.
  6. Check in on your investment. Congratulations, you own a part of FaZe Clan. Optimize your portfolio by tracking how your stock — and even the business — performs with an eye on the long term. You may be eligible for dividends and shareholder voting rights on directors and management that can affect your stock.

Will I be able to buy FaZe Clan stocks from Canada?

You won't be able to buy FaZe Clan stocks on a Canadian stock exchange like the TSX or CSE. Instead, you'll need a Canadian broker that provides access to stocks sold on international exchanges. However, some Canadian brokerages don't offer access to international investments at all or only provide access to a limited range of investment opportunities.

You can access US exchanges like the NYSE and the NASDAQ using Canadian trading platforms like Questrade, Wealthsimple, Scotia iTRADE and Interactive Brokers. Interactive Brokers also 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).

The process of buying stocks listed on international exchanges is basically 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 international stocks.

How to buy international stocks in Canada

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.

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

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Scotia iTRADE
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Interactive Brokers
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4.1 / 5
Min. $1.00, Max. 0.5%
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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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Questrade
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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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