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Trump Media and Technology Group, owned by former US President Donald Trump, will be going public after merging with Digital World Acquisition Corp., a special purpose acquisitions company (SPAC).
Here's what we know about the deal so far and how to buy Trump Media and Technology Group stock in Canada when the company goes public.
On Wednesday October 20, 2021, former US President Donald Trump announced that Trump Media and Technology Group (TMTG) will be going public by merging with Digital World Acquisition Corp., a special purpose acquisition company (SPAC). The date of the merger, stock symbol and proposed stock price have not yet been announced.
TMTG is looking at receiving $293 million currently held in trust by Digital World Acquisition. The deal would also give TMTG a market valuation of $1.7 Billion.
Trump plans to use TMTG to launch a subscription video-on-demand service and a social media platform called "TRUTH Social." According to the Apple App Store description, TRUTH Social is designed to encourage "an open, free, and honest global conversation without discriminating against political ideology."
Digital World Acquisition Corp. went public on September 7, 2021 on the Nasdaq Global Market under the ticker symbol "DWAC." The IPO grossed $287.5 million from the sale of 25 million stocks at a starting price of $10.00 each.
Following the merger announcement, Digital World Acquisition stock jumped by 357%. DWAC stock experienced 2-day gains of more than 800% following a Trump rally in October. Episodes like these have come to be known as the "Trump effect."
We'll update this page as more information becomes available.
Note: all dollar amounts on this page are in US dollars unless otherwise stated.
Once Trump Media and Technology Group 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 Trump Media and Technology Group 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, 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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