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Can I buy Forbes stock?

Forbes will no longer be going public. But you can still buy stock in similar companies.

Global media giant, Forbes, has cancelled plans to go public. Learn more about the withdrawn IPO, and find out about similar companies you can invest in from Canada.

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What we know about the Forbes IPO

In May 2022, The New York Times released a report saying Forbes would no longer be going through with plans to go public, according to people familiar with the matter.

Originally, Forbes was believed to be planning to go public by merging with Magnum Opus Acquisition, a special purpose acquisitions company (SPAC) based in Hong Kong (you can read about the merger in this SEC filing). The newly-formed company was going to trade on the NYSE under the symbol “FRBS.”

The move was expected to take place at the end of 2021 or early 2022 and would have valued Forbes at $630 million. The deal was supposed include a $200 million investment from crypto exchange Binance.

Currently, Forbes is owned by Hong Kong-based Whale Media Investment Inc., which has a 95% stake in the company, and the Forbes family. There has been no word on whether Forbes will have an IPO in the future.

Buy stocks in similar companies

Even though you won’t be able to buy Forbes stock, you can still invest in other media companies.

CompanyStock info
Fox CorporationNasdaq Global Select Market: FOX
Comcast CorporationNasdaq Global Select Market: CMCSA
News CorporationNasdaq Global Select Market: NWS
The New York Times CompanyNYSE: NYT
BCE Inc.TSX: BCE

How to buy stocks in a company

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

  1. Compare stock trading platforms. Use our comparison table to help you find a platform with the features you want and fees you can afford.
  2. Open your brokerage account. Complete an application by providing your personal, contact and financial details as well as your Social Insurance Number (SIN).
  3. Confirm your payment details. Fund your account.
  4. Research the stock. Find the stock by name or ticker symbol (for example, “BCE”), and research it before deciding if it’s a good investment for you.
  5. 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 more favourable price.

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.

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