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How to buy Instacart stock in Canada when it goes public
Here's everything we know so far about the Instacart IPO.
There's speculation that Instacart may be considering an IPO. The company raised $200 million in October 2020, fueling IPO rumors.
With the passing of Proposition 22 in California, Instacart will be allowed to classify their workers as contractors instead of employees, removing a major blocker for the company.
Finder's top picks on where to buy Instacart stock when it goes public
National Bank Direct Brokerage
- Commission-free trading
- Several account types available
- Access to array of research tools
CIBC Investor's Edge
- Easy to use platform
- Low fees
- Student and young investor discounts
- Access to international stock exchanges
- Low margin rates
- Powerful research tools
What we know about the Instacart IPO
According to Reuters, Instacart plans to go public with a $30 billion valuation and Goldman Sachs acting as the lead underwriter of the deal. However, the company has yet to file a viewable prospectus with the US Securities and Exchange Commission (SEC).
Many details remain unannounced including the stock exchange, ticker symbol, proposed stock price and the exact date of the IPO.
Instacart was expected to go public in 2021, but the company delayed its plans, focusing instead on making management changes and pursuing new initiatives.
We'll update this page with more information as it becomes available.
What we know about Instacart's balance sheetInstacart first became profitable in April after having lost $300 million in 2019. The surge in revenue was driven in part by the COVID-19 pandemic, which triggered lockdowns and forced people to stay home. During each of the first 2 weeks of April 2020, customers bought $700 million worth of goods through Instacart, marking a 450% increase from December 2019.
Instacart then extended pickup services to more than 1,500 stores. In total, it provides pickup services for more than 60 major grocers in the US as well as non-grocery retailers like Sephora and 7-Eleven.
Based in San Francisco, Instacart currently serves more than 7.5 million customers. To investors, it's unclear whether the online grocery delivery service will continue its upward trajectory. It faces stiff competition from the likes of Uber and DoorDash, which recently went public.
Note: all dollar amounts on this page are in US dollars unless otherwise stated.
How to buy Instacart stock when it starts trading
Once Instacart 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. Use our comparison table to help you find a platform that fits your needs.
- Open your brokerage account. Complete an application with your details.
- Confirm your payment details. Fund your account.
- Research the stock. Find the stock by name or ticker symbol and research it before deciding if it's a good investment for you.
- 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 Instacart stock in Canada?
You won't be able to buy Instacart 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).
How to buy international stocks in Canada
Buy stocks from these online trading platformsCompare 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.
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.Online stock trading
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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