Canadian IPO Calendar: New Listings on TSX and More

In Canada, a company that wants to sell shares to the public for the first time usually does so through a prospectus approved by securities regulators, and then lists on an exchange. This page tracks new and upcoming Canadian listings from official exchange pages, explains how the prospectus process works, and covers tax points for U.S. and Canadian investors.

The table below shows its own "as of" date. Check it before relying on any line, because listing dates move and offerings can be withdrawn.

How the IPO process works in Canada

The prospectus. The main rulebook for most offerings is National Instrument 41-101, General Prospectus Requirements, published on the Ontario Securities Commission (OSC) site. An issuer first files a preliminary prospectus. The instrument defines the "waiting period" as the time between the regulator's receipt for the preliminary prospectus and its receipt for the final prospectus.

Timing limits. NI 41-101 says an issuer must not file a final prospectus more than 90 days after the receipt for the preliminary prospectus, or for an amendment to it. If an amendment is filed, the final prospectus must be filed within 180 days of the original preliminary receipt.

Pre-filing. The OSC explains that an issuer can pre-file a prospectus for a confidential full review. It expects the offering terms to be clearly determined and the underwriters to have substantially completed their review. The OSC treats a pre-file as withdrawn if the issuer does not respond within 90 days of the last comments, and it closes files that are not done within 180 days. Issuers should pre-file with their principal regulator only, and National Policy 11-202 governs reviews across several provinces.

Investor rights. Outside Ontario, NI 41-101 requires a prospectus to include a statement of the rights a purchaser has if the prospectus is not delivered or contains a misrepresentation. Ontario's securities legislation sets out those rights directly. Read the "rights" section of any prospectus.

Listing. Companies list on TMX Group's Toronto Stock Exchange or TSX Venture Exchange, on the Canadian Securities Exchange, or on Cboe Canada, which says its routes include an IPO, a reverse takeover (RTO), a special purpose acquisition corporation (SPAC) or a direct listing.

Public filings. Prospectuses and other disclosure are filed on SEDAR+, the CSA's national system, which the OSC says replaces SEDAR and several other systems.

How to use a Canadian calendar

TMX's new company listings page shows that Canadian listing calendars are not only companies. Recent entries include newly launched ETFs and investment funds, as well as an operating company, so a "new listing" can be a fund family adding a product rather than a business going public. Read the name and the description. Funds also list in more than one currency, so one fund can have two symbols.

Check whether an entry is an IPO, a reverse takeover, a direct listing or a transfer from another exchange. The investment risk and the paperwork differ for each. Our Canadian most active list shows how activity looks once a security trades.

Risks to understand

• Speculative by nature. A new issuer has a short public record, and the prospectus is often the main source of information.
• Liquidity. A newly listed security may trade thinly, so the gap between buy and sell prices can be wide.
• Different exchanges, different profiles. Each exchange has its own listing standards. Check which market a security trades on before assuming how established it is.
• Fund launches. A new ETF has fees, a strategy and sometimes leverage. Read its prospectus or fund facts.
• Withdrawn or delayed deals. A preliminary prospectus is not a promise that the offering will close.

Where the official calendars and filings are

• TMX lists TSX new company listings.
• Cboe Canada has listings information and a directory.
• The Canadian Securities Exchange publishes its own listings at thecse.com.
• Prospectuses are on SEDAR+, described on the OSC's SEDAR+ page.
• The text of the prospectus rules is on the OSC site; check the OSC for the current consolidation.

Tax notes

• Canadian residents. The CRA taxes your gains under Canadian rules; our Canadian new highs page summarizes capital gains treatment. Questions about Canadian returns belong with a Canadian professional.
• U.S. persons. You are taxed on worldwide gains in dollars. A newly launched Canadian ETF or mutual fund is often a passive foreign investment company for U.S. purposes, which has harsh default rules and Form 8621 reporting; read our PFIC guide for how it works with foreign funds. Shares in an operating company are treated differently.
• Basis and holding period. What you pay for IPO shares is your cost, and your holding period starts when you acquire them. See the capital gains guide.
• Cross-border reporting. A Canadian brokerage account may need an FBAR and Form 8938 report. See our international tax services.

Investors who take part in new issues may also find our page for investors and the net investment income tax guide useful.

Frequently asked questions

General information only, not tax, legal or accounting advice for your situation. Rules, limits and deadlines change; confirm the current rules with the official source or a qualified professional before you act. Reading this page does not create a professional relationship with CPA Tax Payroll and Accounting Corp.