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Joby Aviation has gone public following the completion of its merger with Reinvent Technology Partners, a special purpose acquisitions company (SPAC). Here's how investors in Canada can buy Joby Aviation stock.
On Wednesday August 11, 2021, California-based aerospace company and soon-to-be air taxi service, Joby Aviation, began publicly trading on the NYSE following the closure of its merger with Reinvent Technology Partners, a special purpose acquisitions company. The deal was worth about $1.6 billion.
The newly-formed company currently trades under the ticker symbol "JOBY." On August 11, stocks opened at a price of $10.62 and closed at $13.40. Joby Aviation has a market valuation of $4.5 billion.
Reinvent Technology Partners originally went public on the NYSE on September 21, 2020 under the ticker symbol "RTP." The IPO raised around $690 million from the sale of 69 million stocks at a price of $10 each.
SPACs don't have any commercial operations. These "blank check companies" exist purely to raise capital by going public and then merging with other companies to short-cut the traditional IPO process.
We'll update this page as more information becomes available.
Note: all dollar amounts on this page are in US dollars unless otherwise stated.
Before you can invest in Joby Aviation Inc., you'll need to open a brokerage account.
You won't be able to buy Joby Aviation Inc. 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 Trade, 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.
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.
Note: The dollar amounts in the table below are in Canadian dollars.
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