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How to buy Incannex Healthcare Limited (IXHL) stock in Canada when it goes public

Here's everything we know so far about the Incannex Healthcare Limited IPO.

On January 21, 2022, Incannex Healthcare Limited announced it was postponing its plans to have an IPO on the Nasdaq. Here's what we know about the IPO so far and how to buy Incannex Healthcare Limited stock in Canada.

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What we know about the Incannex Healthcare Limited IPO

On August 17, 2021, Incannex Healthcare–which seeks to develop scientifically validated, FDA-approved healthcare treatments using synthetic cannabinoid and psychedelic agents—filed a prospectus with the US Securities and Exchange Commission (SEC) to go public.

It had planned to offer 2.6 million American Depositary Shares (ADSs) on the Nasdaq Capital Market under the ticker symbol "IXHL." ADSs are foreign stocks held and sold by US depositary banks, which makes it easier to invest in foreign companies through US stock exchanges.

Altogether, Incannex had hoped to raise around $24 million from the offering by pricing shares at $9.38 each.

On January 21, 2022, Incannex Healthcare Limited announced it was cancelling the IPO. The company has not announced a future IPO date.

We'll update this page as more information becomes available.

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

How to buy Incannex Healthcare Limited stock when it starts trading

Once Incannex Healthcare Limited 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.

  1. Compare stock trading platforms. Use our comparison table to help you find a platform that fits your needs.
  2. Open your brokerage account. Complete an application with your details.
  3. Confirm your payment details. Fund your account.
  4. Research the stock. Find the stock by name or ticker symbol – IXHL – 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 desired price.

Will I be able to buy Incannex Healthcare Limited stock in Canada?

You won't be able to buy Incannex Healthcare Limited 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).

Buy Incannex Healthcare Limited stocks from these online trading platforms

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Note: The dollar amounts in the table below are in Canadian dollars.

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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.

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