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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.

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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.

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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'll update this page as new information becomes available.

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

How to buy Graphcore stock when it starts trading

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.

  1. Compare stock trading platforms. Use our comparison table to help you find a platform that fits your needs.
  2. Open your brokerage account. Complete an application with your details.
  3. Confirm your payment details. Fund your account.
  4. Research the stock. Find the stock by name or ticker symbol and research it before deciding if it's a good investment for you.
  5. 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 Graphcore stock in Canada?

You won't be able to buy Graphcore stocks on a Canadian stock exchange like the TSX. Instead, you need a Canadian broker that provides access to international stock exchanges.

You can access US exchanges like the NYSE and the NASDAQ using Canadian trading platforms like Qtrade, Wealthsimple, Scotia iTRADE and CIBC Investor's Edge.

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).

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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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CIBC Investor's Edge
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100 free trades + up to $4,500 cash back
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Questrade
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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.

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