What we know so far
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Infinite Group, which currently trades on OTC Markets, has applied to begin trading its stock on the Nasdaq Capital Market. Here's what we know about the uplisting and how to buy Infinite Group stock in Canada when it becomes available on the Nasdaq.
CIBC Investor's Edge
Infinite Group, a US-based cybersecurity software developer, is expected to begin trading on the Nasdaq Capital Market under the ticker symbol "IMCI" towards the end of October, 2022.
Currently, it trades on OTC Markets under the ticker symbol "IMCID." You can read about the uplisting in this registration document filed with the US Securities and Exchange Commission (SEC) on October 19, 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.
Once Infinite Group 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.
You won't be able to buy Infinite Group 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).
It's impossible to predict how any stock will perform — and IPOs can be particularly volatile. Looking at the performance of similar companies can help you decide if now is a good time to buy Infinite Group stock.See how the following stocks are performing, and view details like market capitalization, the price-to-earnings (P/E) ratio, price/earnings-to-growth (PEG) ratio and dividend yield.
Note: The dollar amounts in the table below are in Canadian dollars.
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.Online stock trading
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