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Kraken, a US-based crytpocurrency exchange, is expected to go public in 2022, the company's chief executive officer said. We'll update this page as new information becomes available.
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CIBC Investor's Edge
California-based crypto exchange, Kraken, could be going public with an initial public offering in the second half of 2022. The exact details of the IPO have not been made public, but Kraken CEO Jesse Powell stressed that the company would probably not be going public through a special purpose acquisition company (SPAC).
Kraken currently has a valuation of around $10 billion.Best crypto exchanges you can use in Canada
Note: all dollar amounts on this page are in US dollars unless otherwise stated.
Once Kraken 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 Kraken 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
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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