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How to buy Wheels Up (UP) stock in Canada when it goes public

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

New York-based aviation-for-hire company Wheels Up is expected to go public via a merger with a special purpose acquisition company. We'll update this page as new information emerges.

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What we know about the Wheels Up IPO

For-hire aviation company Wheels Up is planning to go public through a merger with a special purpose acquisition company (SPAC), also known as a blank check company. SPACs are companies with no commercial operations that exist purely to raise capital through IPOs. [No date has been announced yet]OR[the deal is expected to close on (date)].

The SPAC, Aspirational Consumer Lifestyle Corporation, originally went public in September 2020. After the merger, the company will trade on the New York Stock Exchange under the ticker "UP."

Note: all dollar amounts on this page are in US dollars unless otherwise stated.

How to buy Wheels Up stock when it starts trading

Once Wheels Up 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 – UP – 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 Wheels Up stock in Canada?

You won't be able to buy Wheels Up 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).

How do similar companies perform?

It's impossible to predict how any stock will perform — and IPOs can be particularly volatile. Looking at the performance of similar companies can help you decide if now is a good time to buy Wheels Up stock.

See how the following stocks are performing, and view details like market capitalization, the price-to-earnings (P/E) ratio, price/earnings-to-growth (PEG) ratio and dividend yield.

Buy Wheels Up 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
Name Product CAFST Finder Rating Available Asset Types Stock Trading Fee Account Fee Signup Offer Table description
Interactive Brokers
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CIBC Investor's Edge
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Moomoo Financial Canada
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Trade US stocks for up to 90% less and access free real time stock quotes and level 2 market data. T&C's Apply.
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RBC Direct Investing
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Questrade
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Qtrade 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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