New York, NY, March 24, 2023 — GlobeTax announced on March 21, 2023 the launch of ESP Canada, the latest expansion of the firm’s withholding tax processing platform, ESP. ESP is the central platform for coordinating withholding tax relief and reclaims for all international securities listed in the U.S.
Prior to the launch, if DTC Participants wanted to correct issues such as missed Canadian elections or post-pay date adjustments, they would have needed to work directly with the CRA (Canadian Revenue Agency) to establish a reclaim process. Now, Participants can partner with GlobeTax, the global leader in withholding tax relief and recovery, to perform these adjustments. The fees and the payment process will be comparable to that found in existing markets.
GlobeTax will work with the Canadian Depository for Securities Limited (CDS) to file the reclaims to the Canadian Revenue Agency and facilitate payment.
“At GlobeTax, our mission is to ensure every investor has a way to recover their excess withholding tax. We know that holders of Canadian securities miss out on relief at source and struggle to recover their entitlements. Fortunately, we were able to leverage our longstanding relationship with the Canada Revenue Agency to bridge this gap in the market,” said Changshen Chen, ESP Product Manager.
The addition of Canada is but the latest expansion to GlobeTax’s online platform, which relaunched in 2020 with the debut of bulk upload in all markets, real-time reporting, customizable facilitation, and more. Be on the lookout for additional enhancements to the ESP system throughout 2023.
Those with questions about ESP Canada can contact GlobeTax at CanadaESP@globetax.com or call +1 (212) 747-9100.
About GlobeTax
GlobeTax is the world’s leading third-party provider of withholding tax recovery services. Through the firm’s outsourced MIDAS® offering, GlobeTax manages all aspects of withholding tax reclamation for investors and financial institutions, recovering entitlements through the fastest possible channel. Through ESP, GlobeTax collects and transmits beneficial owner data and documentation across the custody chain. In these combined capacities, GlobeTax processes over 8 million tax reclaims per year, annually returning more than $2.5 billion to the marketplace.