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Read more…How to buy The Fortegra Group (FRF) stock in Canada when it goes public
Here's everything we know so far about the The Fortegra Group IPO.
The Fortegra Group will no longer be having an IPO on the NYSE. Even though you won’t be able to buy stock in The Fortegra Group directly, there are still ways to back the company.
What we know about the The Fortegra Group IPO
On March 15, 2021, The Fortegra Group filed a draft registration with US Securities and Exchange Commission (SEC). It planned to go public on the NYSE under the ticker symbol “FRF.” The company hoped to raise around $775 million by selling 8.3 million shares at a price of $15-$17 each.
On April 29—the day stocks were supposed to begin trading—The Fortegra Group’s parent company, Tiptree Inc., announced that the IPO was cancelled. Tiptree was rumoured to have been unable to settle on an appropriate IPO price. A statement released by the company said the cancellation was “due to prevailing market conditions and the high value Tiptree Inc. places on The Fortegra Group and its growth prospects.”
The Fortegra Group may have an IPO in the future, although it also hasn’t officially announced any plans. We’ll update this page as more information becomes available.
How to invest in The Fortegra Group from Canada
Although you won’t be able to buy stock in The Fortegra Group directly, there are 2 ways investors can back the company.
1. Buy stock in Tiptree Inc. (NasdaqGS: TIPT)
Although it’s a less direct investment than purchasing stocks in The Fortegra Group, one option is for investors to buy stock in its parent company, Tiptree Inc. The company trades on the Nasdaq Global Select Market under the ticker symbol “TIPT.”
How to buy stocks in Tiptree Inc.
You’ll need a brokerage account to invest in Tiptree Inc. Here’s how it works:
- Compare share trading platforms. If you’re a beginner, look for a platform with low commissions, expert ratings and investment tools to track your portfolio. Narrow down top brands with our comparison table.
- Open and fund your brokerage account. Complete an application with your personal and financial details, like your ID and bank information. Fund your account with a bank transfer, credit card or debit card.
- Search for Tiptree Inc. Find the stock by name or ticker symbol: TIPT. Research its history to confirm it’s a solid investment against your financial goals.
- Purchase now or later. Buy immediately with a market order or use a limit order to delay your purchase until Tiptree Inc. reaches your desired price. To spread out your purchase, look into dollar-cost averaging, which smooths out buying at consistent intervals and amounts.
- Decide on how many to buy. your budget against a diversified portfolio that can minimize risk through the market’s ups and downs. You may be able to buy a fractional share of Tiptree Inc., depending on your broker.
- Check in on your investment. Optimize your portfolio by tracking how your stock — and even the business — performs with an eye on the long term. You may be eligible for dividends and shareholder voting rights on directors and management that can affect your stock.
2. Buy ETFs
You can also indirectly buy into The Fortegra Group by investing in exchange-traded funds (ETFs) that track Tiptree Inc. By purchasing these ETFs, you can potentially experience gains when subsidiaries of Tiptree Inc., like The Fortegra Group, are performing well.
The following ETFs hold investments in Tiptree Inc.
- iShares Micro-Cap ETF (NYSEArca: IWC)
- WisdomTree U.S. SmallCap Dividend Fund (NYSEArca: DES)
- iShares Russell 2000 Value ETF (NYSEArca: IWN)
- Vanguard Russell 2000 Value Index Fund ETF Shares (NasdaqGS: VTWV)
A beginner’s guide to exchange traded funds (ETFs)
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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Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, 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 CFDs and 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. Read the Product Disclosure Statement (PDS) and Target Market Determination (TMD) for the product on the provider's website.
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