Better.com is expected to go public soon. Here's what we know about the IPO — and how to buy Better.com stock in Canada when it's available. Better.com—a US-based fintech company that seeks to digitalize and simplify the process getting mortgages, title insurance and home insurance—has confirmed that it plans to go public by merging with Aurora Acquisition Corp., a special purpose acquisitions company (SPAC). The newly-traded company, Better Home & Finance, will trade on the Nasdaq under the ticker symbols "BETR" and "BETRW." Details such as the opening stock price and the exact date of the merger have not been officially confirmed. Better.com stands to receive around $1.5 billion in private investment in public equity (PIPE) investments from the deal. The combined company is expected to have a market valuation of $6.9 billion. Investors were expecting the merger to take place at the end of 2021. But mass layoffs and the subsequent leave of Better.com CEO Vishal Garg brought heaps of public criticism on the company, delaying its plans to go public. Aurora Acquisition currently trades on the Nasdaq Capital Market under the ticker symbol "AURC." SPACs, or "blank check" companies, exist purely on paper for the purpose of going public, raising capital and merging with another company. Going public by merging with an SPAC is both quicker and easier than the traditional IPO process. You can read more about the Better.com-Aurora merger in this business combination agreement submitted to the US Securities and Exchange Commission (SEC) on February 10, 2022. We'll update this page as more information becomes available.Finder's top picks on where to buy Better.com stock when it goes public
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What we know about the Better.com IPO
Note: all dollar amounts on this page are in US dollars unless otherwise stated.
Once Better.com 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 Better.com 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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