Maximizing Recoveries with ESP Canada

While the Canadian market is generally efficient at providing Relief at Source, many investors miss out on this expedited channel. Instead, to secure Long Form entitlements for these entities, DTCC Participants have historically needed to file claims with the Canadian Tax Authority directly – an arduous and time-consuming process.

To address this issue, GlobeTax launched ESP Canada to provide DTC Participants with a streamlined connection to the Canadian Revenue Agency. With the offering, Participants can leverage the familiar ESP system to submit post-payable reclaims on Canadian Ordinary Shares.  No extensive contracting is required to use ESP Canada, and the fees are the same as those on ADR Long Form claims. Payment, too, is simplified, as charges are deducted before the wire payment is remitted.

Since receiving our first claim through ESP Canada in March 2024, GlobeTax has pursued more than $3 million in Canadian withholding tax for investors. To date, several of the largest DTC Participants have used the service to file 400 claims on 130 million+ shares of Canadian companies.

Despite this progress, we believe these figures represent only a fraction of the Canadian entitlements eligible for recovery. So, if your investors continue to suffer from excess Canadian withholding tax, please reach out to CanadaESP (at) globetax.com to gain access to the new module. Both your Operations personnel and investor clients will thank you.