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How to buy Graphcore stock in Canada when it goes public
Here's everything we know so far about the Graphcore IPO.
Graphcore, a UK-based artificial intelligence chipmaker, plans to conduct an initial public offering. The IPO news comes after the company raised $222 million in a recent funding round.
If the company does decide to list its app, investors in Canada will need a brokerage account that provides access to international stock exchanges. We will update this page as new information emerges.
Note: all dollar amounts on this page are in US dollars unless otherwise stated.
What we know about the Graphcore IPO
AI chipmaker Graphcore is expected to go public. Even though Graphcore is based in the UK, the company is reportedly considering listing on the NASDAQ in the United States. However, these plans have not been confirmed. Nigel Toon, one of the founders of Graphcore, has stated that the company is not likely to go public in 2021. The exact IPO date remains unknown.
We will update this page as new information emerges.
Will I be able to buy Graphcore stocks from Canada?
You won’t be able to buy Graphcore 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 Graphcore ends up listing, you’ll need a brokerage that offers access to US stock exchanges like the NASDAQ or UK exchanges like the London Stock Exchange (LSE).
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 LSE and other UK stock exchanges 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 shares in Graphcore when it goes public
Once Graphcore 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. 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.
- 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.
- Search for Graphcore. Find the stock by name or ticker symbol. Research its history to confirm it’s a solid investment against your financial goals.
- Purchase now or later. Buy immediately with a market order or use a limit order to delay your purchase until Graphcore reaches your desired price. To spread out your purchase, look into dollar-cost averaging, which smooths out buying at consistent intervals and amounts.
- 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 Graphcore, depending on your broker.
- 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.
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.
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.
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.
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