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Cardiva Medical has cancelled its IPO. Instead, the company has been bought by fellow US-based healthcare company, Haemonetics Corporation. Even though you won’t be able to buy stock in Cardiva Medical directly, there are still ways to back the company.
What we know about the Cardiva Medical IPO and acquisition
On August 18, 2021, Haemonetics Corporation announced that it purchased Cardiva Medical, which develops vascular closure technology, for $510 million.
Prior to this, Cardiva Medical had been considering going public. On January 4, 2021 it filed a draft registration with the US Securities and Exchange Commission. The company had planned to conduct an IPO on the NYSE. Altogether, it was hoping to raise $75 million from the offering.
On February 26, Cardiva Medical submitted a withdrawal request to the US Securities and Exchange Commission (SEC), effectively cancelling its IPO.
There has been no indication that Cardiva Medical will have an IPO in the future. We’ll update this page as more information becomes available.
About Haemonetics Corporation
Haemonetics Corporation (NYSE: HAE) is a healthcare company headquartered in Boston, Massachusetts (USA). It develops medical products and solutions for 3 operational segments: Plasma, Blood Center and Hospital. The company’s annual revenue was $870.46 million in 2021, down from $988.48 million in 2020. Its annual revenue in 2019 was $967.58 million.
How to invest in Cardiva Medical from Canada
Although you won’t be able to buy Cardiva Medical stock directly, you can still invest in its parent company, Haemonetics Corporation, which trades on the New York Stock Exchange under the ticker symbol “HAE.” To buy US stocks, you need to open a stock trading account with a Canada-based broker than provides access to US stock exchanges.
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Tax implications of buying US stocks in Canada
Agreements between Canada and the US require Canadians holding US stock investments to pay the US Internal Revenue Service (IRS) a 15% withholding tax on any dividends earned on their US stocks. Interest earned from bonds or other interest-yielding US investments are similarly taxed at a rate of 10%.
An exception is made for stock investments held in trust exclusively designed to provide retirement income. Such trusts include RRIFs, LIRAs, LIFs, LRIFs and Prescribed RRIFs. RRSPs are also exempt from US withholding tax if you own US investments in the form of US stocks, bonds or ETFs.
Investment accounts that do not qualify for this exemption include RESPs, TFSAs and RDSPs.
All income from investments, including foreign investments, must be declared as part of your income on your Canadian tax return. Unless your US earnings are exempt from withholding tax, this means you’ll be double taxed on those earnings — first by the IRS, then by the CRA. However, 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 to your circumstances.
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