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Going Public in Canada

This publication includes a general overview of the advantages of going public as well as some of the principal structuring issues, the process of obtaining a stock exchange listing in Canada, the prospectus process, ongoing compliance requirements and tax issues associated with an IPO.

Introduction
Deciding to "go public" by offering equity securities to the public and generally obtaining a stock exchange listing is often one of the key decisions facing a business.

  1. The Going Public Decision
    There are advantages and disadvantages to being a public company, and an issuer wishing to list its securities for trading upon the TSX must comply with rules of the TSX and meet certain listing requirements.

  2. Stock Exchange Listing Requirements
    As a practical matter, in an IPO, a stock exchange listing for the securities qualified by the prospectus must generally always be obtained.

  3. Timing Considerations
    A timetable for an IPO of securities by a Canadian corporation is provided as a guide.

  4. Preparing to go Public
    The going public process can be complex and time-consuming, with numerous issues to address within tight time frames.

  5. The Prospectus Process
    An initial public offering of securities of an issuer is the conventional way of "going public" in Canada and, generally, in the absence of an exemption, no "distribution" may be made except pursuant to a prospectus.

  6. Life After Going Public
    After becoming a reporting issuer, a public entity and its directors, officers, employees and other related persons face a number of new obligations.

  7. Certain Tax Consequences of Becoming a Public Corporation
    Certain income tax considerations are relevant in the context of a private corporation going public.

Schedule "A": TSX Original Listing Requirements

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