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On January 12, 2021, Justworks 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 Justworks stock in Canada.
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What we know about the Justworks IPO
On December 16, 2021, Justworks—a New York based company that provides payroll, benefits, HR, and compliance solutions for businesses—filed a prospectus with the US Securities and Exchange Commission (SEC) to go public. You can view the most recent version of the document here.
It had planned to offer 7 million stocks on the Nasdaq Global Select Market under the ticker symbol "ENSB." Altogether, Ensemble had hoped to raise around $605 million from the IPO. Stocks were expected to begin trading on January 13, 2022 at a price of $29.00–$32.00 per stock.
On January 12, the day before the offering was expected to take place, Justworks announced it was postponing the IPO. "Market conditions" have been cited as the reason for the postponement. 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 Justworks stock when it starts trading
Once Justworks 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.
- Compare stock trading platforms. Use our comparison table to help you find a platform that fits your needs.
- Open your brokerage account. Complete an application with your details.
- Confirm your payment details. Fund your account.
- Research the stock. Find the stock by name or ticker symbol – JW – and research it before deciding if it's a good investment for you.
- 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 Justworks stock in Canada?
You won't be able to buy Justworks 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 Justworks 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.
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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.
Related: Online stock trading
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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