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ByteDance is expected to go public soon. Here's what we know about the IPO — and how to buy ByteDance stock in Canada when it's available.
Finder's top picks on where to buy ByteDance stock when it goes public
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What we know about the ByteDance IPO
ByteDance, parent company of popular video sharing app TikTok, has shelved plans to go public after being told by Chinese regulatory authorities to manage data-related security risks.
Reports arose that the company was planning an IPO after it hired Shou Zi Chew, a former Xiaomi executive, as its CFO. ByteDance IPO rumours have been swirling for over a year now, but the company has yet to publicly file a prospectus or confirm that it will publicly sell its stock. (There have also been reports about a possible TikTok IPO, but the event has been similarly halted.)
China's security crackdown has affected a number of China-based companies' plans to go public including Ant Group (owned by Alibaba founder, Jack Ma) and ride-sharing service, Didi Chuxing. It's believed that the increased regulatory scrutiny may stem in part from an unwillingness to comply with foreign regulations requiring data disclosure.
We will update this page as new information emerges.
Note: All dollar amounts on this page are in US dollars unless otherwise stated.
How to buy ByteDance stock when it starts trading
Once ByteDance 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.
- Compare stock trading platforms. Use our comparison table to help you find a platform that fits your needs.
- Open your brokerage account. Complete an application with your details.
- Confirm your payment details. Fund your account.
- Research the stock. Find the stock by name or ticker symbol and research it before deciding if it's a good investment for you.
- Purchase now or later. Buy your desired number of stocks with a market order or use a limit order to delay your purchase until the stock reaches a desired price.
Will I be able to buy ByteDance stock in Canada?
You won't be able to buy ByteDance 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).
Compare trading platforms to buy stocks
Compare special offers, low fees and a wide range of investment options among popular trading platforms in Canada. Note that the dollar amounts in the table below are in CAD.
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Finder Score for stock trading platforms
To make comparing even easier we came up with the Finder Score. Trading costs, account fees and features across 10+ stock trading platforms and apps are all weighted and scaled to produce a score out of 10. The higher the score, the better the platform—it's that simple.
Tax implications of buying US stocks in Canada
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.
Related: Online stock trading
Important information: Powered by Finder.com. This information is general in nature and is no substitute for professional advice. It does not take into account your personal situation. 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 most investors. You do not own or have any interest in the underlying asset. Capital is at risk, including the risk of losing more than the amount originally put in, market volatility and liquidity risks. Past performance is no guarantee of future results. Tax on profits may apply. Consider the Product Disclosure Statement and Target Market Determination for the product on the provider's website. Consider your own circumstances, including whether you can afford to take the high risk of losing your money and possess the relevant experience and knowledge. We recommend that you obtain independent advice from a suitably licensed financial advisor before making any trades.
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