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How to buy QSAM Biosciences (QSAM) stock in Canada when it goes public

Here's everything we know so far about the QSAM Biosciences IPO.

QSAM Biosciences, a US-based biotechnology company that develops radiopharmaceutical treatments for cancer, has cancelled plans to begin trading its stock on the Nasdaq. The company’s stock will remain available on OTC Markets.

Learn more about the cancelled uplisting, and find out about similar companies you can invest in from Canada.

Note: All dollar amounts on this page are in US dollars unless otherwise stated.

What we know about the QSAM Biosciences IPO

On May 16, 2022, QSAM Biosciences filed a withdrawal form with the US Securities and Exchange Commission, effectively cancelling its plans to go public. The biotechnology company will continue trading on OTC Markets under the ticker symbol “QSAM.”

Originally, QSAM Biosciences planned to go public on the Nasdaq Capital Market under the ticker symbol “QSAM” at a proposed price of $7.00 per stock. The uplisting was expected to take place in April 2022. ThinkEquity LLC was slated to act as the lead underwriter of the deal.

You can read about the IPO in detail in a registration document submitted to the SEC on April 1, 2021.

Buy stocks in similar companies

Even though you won’t be able to buy QSAM Biosciences stock, you can still invest in other companies that develop and distribute radiopharmaceutical treatments for cancer.

Radiopharmaceutical technology seeks to improve traditional radiation therapy by targeting cancer cells more precisely and reducing damage to healthy cells.

According to market research company, Facts and Factors, the radiopharmaceutical market was worth $4.9 billion USD in 2021 and is expected to reach $11.8 Billion USD by 2028.

CompanyStock info
Day One Biopharmaceuticals, Inc.Nasdaq Global Select Market: DAWN
NGM Biopharmaceuticals, Inc.Nasdaq Global Select Market: NGM
Cardinal Health, Inc.NYSE: CAH
Fusion Pharmaceuticals Inc.Nasdaq Global Select Market: FUSN
Lantheus Holdings, Inc.Nasdaq Global Market: LNTH
Radiopharm Theranostics Limited(Australia) ASX: RAD

How to buy stocks in a company

You’ll need a brokerage account to buy and sell shares. Here’s how it works:

  1. Compare share trading platforms. If you’re a beginner, look for a platform with low commissions, expert ratings and investment tools to track your portfolio. Narrow down top brands with our comparison table.
  2. Open and fund your brokerage account. Complete an application with your personal and financial details, like your ID and bank information. Fund your account with a bank transfer, credit card or debit card.
  3. Search for the company you want to invest in. Find the stock by name or ticker symbol (for example, CAH). Research its history to confirm it’s a solid investment against your financial goals.
  4. Purchase now or later. Buy immediately with a market order or use a limit order to delay your purchase until the stock reaches your desired price. To spread out your purchase, look into dollar-cost averaging, which smooths out buying at consistent intervals and amounts.
  5. Decide on how many to buy. Weigh your budget against a diversified portfolio that can minimize risk through the market’s ups and downs. You may be able to buy fractional shares of companies, depending on your broker.
  6. Check in on your investment. Congratulations, you own part of a company! Optimize your portfolio by tracking how your stock — and even the business — performs with an eye on the long term. You may be eligible for dividends and shareholder voting rights on directors and management that can affect your stock.

Tax implications of buying US stocks in Canada

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.

Investment accounts that do not qualify for this exemption include RESPs, TFSAs and RDSPs.

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.

Open a stock trading account

You can compare features of stock trading platforms in the table below. Once you’ve decided on the right fit for your needs, click the “Go to site” button to get started.

Note: The dollar amounts in this table are in Canadian dollars.

1 - 5 of 5
Name Product Finder Rating Stock Trading Fee Account Fee Available Asset Types Offer
OFFER
CIBC Investor's Edge
Finder Rating:
★★★★★
4 / 5
$4.95–$6.95
$0 if conditions met, else $100/year
Stocks, Bonds, Options, Mutual Funds, ETFs
Young investors 18 to 24 can get free online trades and a $0 annual account fee. Conditions apply.
Interactive Brokers
Finder Rating:
★★★★★
4.1 / 5
min $1.00, max 0.5%
$0
Stocks, Bonds, Options, ETFs, Currencies, Futures
Questrade
Finder Rating:
★★★★★
4.2 / 5
$4.95 - $9.95
$0
Stocks, Bonds, Options, Mutual Funds, ETFs, GICs, International Equities, Precious Metals
Get $50 in free trades when you fund your account with a minimum of $1,000.
FREE TRADES
Wealthsimple
Finder Rating:
★★★★★
3.9 / 5
$0
$0
Stocks, ETFs
Get $25 when you open a Wealthsimple account and fund at least $150.
OFFER
Qtrade Direct Investing
Finder Rating:
★★★★★
4.1 / 5
$6.95 - $8.75
$0 if conditions met, otherwise $25/quarter
Stocks, Bonds, Options, Mutual Funds, ETFs, GICs
Get almost $500 in commission free trades when you fund your new account with a minimum of $10,000. Conditions apply. Ends August 31, 2022.
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Compare up to 4 providers

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Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, 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 CFDs and 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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