How to buy ByteDance stock in Canada when it goes public

Here's everything we know so far about the ByteDance IPO.

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By

Dawn Daniels

&

Stacie Hurst

Updated

Fact checked

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.

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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.

  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 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 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).

Buy stocks from these online trading platforms

Compare special offers, low fees and a wide range of investment options among top trading platforms.

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

1 - 6 of 6
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CIBC Investor's Edge
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CIBC Investor's Edge
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RBC Direct Investing
Finder Score: 3.8 / 5: ★★★★★
RBC Direct Investing
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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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Publisher

Dawn Daniels is a freelance content strategist and SEO manager and former editor at Finder, specializing in investments and lending. Dawn has edited more than 50 published books, including personal finance titles that have become best sellers on the Amazon Top 100. She holds a BA in English language and literature from Cornell College. See full bio

Stacie Hurst's headshot
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Associate editor

Stacie Hurst is an editor at Finder, specializing in loans, banking, investing and money transfers. She has a Bachelor of Arts in Psychology and Writing, and she has completed FP Canada Institute's Financial Management Course. Before working in the publishing industry, Stacie completed one year of law school in the United States. When not working, she can usually be found watching K-dramas or playing games with her friends and family. See full bio

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