Bluebird bio spinoff company, 2seventy bio, is expected to go public soon. Here's what we know about the IPO so far— and how to buy 2seventy bio stock in Canada when it launches.
On September 9, 2021, bluebird bio filed a Form 10 securities registration document with the US Securities and Exchange Commission, announcing its intention of going public with a spinoff company named 2seventy bio. Not yet an official IPO, this is one of the first steps of taking a company public.
Bluebird bio will continue to develop gene therapies for severe genetic diseases. 2seventy bio's primary focus will be on discovering and developing novel engineered cell therapies for cancer.
2seventy bio will go public on the Nasdaq under the ticker symbol "TSVTV." Stocks are expected to begin trading the week of October 18, 2021.
Note: all dollar amounts on this page are in US dollars unless otherwise stated.
Once 2seventy bio, Inc. 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 2seventy bio, Inc. 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).
Note: The dollar amounts in the table below are in Canadian dollars.
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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