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London-based online payments platform, Paysafe, has agreed to go public via a merger with special purpose acquisition corporation (SPAC), Foley Trasimene Acquisition Corp. II. The deal closed on December 9. Reports say the merged company is expected to be worth about $9 billion.
Here’s what we know about the IPO so far and how to buy in from Canada when Paysafe finally goes public.
Note: all dollar amounts on this page are in US dollars unless otherwise stated.
Payments platform Paysafe completed its merger with a special purpose acquisition company (SPAC), also known as a blank check company. SPACs are companies with no commercial operations that exist purely to raise capital through IPOs. No date has been announced yet.
The SPAC, Foley Trasimene Acquisition Corp. II, originally went public in August 2020. After the merger, the company will trade on the New York Stock Exchange under the ticker “PSFE.”
You won’t be able to buy Paysafe shares on a Canadian stock exchange like the TSX or CSE, but you can from a Canadian-based brokerage that offers international access to companies listed on stock exchanges outside of Canada. Specifically, you’ll need a brokerage that provides access to the NYSE, the stock exchange on which Paysafe stocks will be traded.
The process of buying stocks in a US company while living in Canada is 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 US stocks.
Once Paysafe 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.
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.
To buy stocks, you’ll need to open a brokerage account. Compare your options using the table below to find the best fit for you. Take a look at our guide on opening a stock trading account to learn more.
Note: The dollar amounts in the table below are in Canadian dollars.
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