Equipment Sales & Service Limited is a 2025 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for seven consecutive years or more.
TORONTO, May 07, 2025 (GLOBE NEWSWIRE) — Equipment Sales & Service Limited was recognized for its industry-leading performance, its global business practices, and its sustained growth by receiving the prestigious 2025 Canada's Best Managed Companies award.
Celebrating over 30 years, Canada's Best Managed Companies program awards excellence in private Canadian-owned companies with revenues of $50 million or greater. To attain the designation, companies are evaluated on their leadership in the areas of strategy, culture and commitment, capabilities, and innovation, governance and financial performance.
'We are very proud of our highly trained and skilled employees and support staff and view them as key drivers in attracting industry-leading companies to partner with us. Their deep expertise, professionalism, and commitment to excellence ensures that we consistently deliver superior results and innovative solutions tailored to our clients' needs. By fostering a culture of continuous improvement and top-tier service, our team builds trust and confidence with major industry players, making us a preferred partner for organizations seeking reliability, quality, and long-term success. These factors are also key components of our continued success in being designated a member of the Platinum Club within the Best Managed Company program', said Peter M Willis, Executive Co- Chairman, Equipment Sales & Service Limited.
Canada's Best Managed Companies is one of the country's leading business awards programs recognizing innovative and world‑class businesses. Every year, hundreds of entrepreneurial companies compete for this designation in a rigorous and independent evaluation process. Applicants are evaluated by an independent panel of judges with representation from program sponsors and special guests.
'We are delighted to be again chosen as part of the Platinum Group of the Best Managed Company program. In addition to having a highly skilled and motivated work force I would like to recognise the investments made by the ownership of Equipment Sales & Service in the business. The construction of a state-of-the-art service facility will allow us to take care of our customers and foster growth into the future. Thanks again to all at Equipment Sales & Service for helping to achieve this honour', said J. Morgan Cronin, President & CEO, Equipment Sales & Service Limited
The 2025 cohort of Best Managed Companies shares common themes, including fostering a people-centric culture, implementing a strategic company framework, investing in innovation and technological advancement, and maintaining financial resilience and strong corporate governance. Together, these practices strengthen the Canadian economy by promoting sustainable growth, enhancing competitiveness, and cultivating a thriving business ecosystem.
'To become a Best Managed Platinum Club winner is nothing short of remarkable. Their continued adaptability in an era of uncertainty sets the standard for how to overcome new barriers and demonstrate resiliency at the highest levels,' said Derrick Dempster, Partner, Deloitte Private and Co-Leader, Canada's Best Managed Companies program. 'These companies truly impact how Canada is viewed on the world stage when it comes to the success of private business.'
About Canada's Best Managed Companies Program
Canada's Best Managed Companies program continues to be the mark of excellence for privately-owned Canadian companies. Every year since the launch of the program in 1993, hundreds of entrepreneurial companies have competed for this designation in a rigorous and independent process that evaluates their management skills and practices. The awards are granted on four levels: 1) Canada's Best Managed Companies new winner, one of the new winners selected each year; 2) Canada's Best Managed Companies winner, award recipients that have re-applied and successfully retained their Best Managed designation for two additional years, subject to annual operational and financial review; 3) Gold Standard winner, after three consecutive years of maintaining their Best Managed status, these winners have demonstrated their commitment to the program and successfully retained their award for 4-6 consecutive years; 4) Platinum Club member, winners that have maintained their Best Managed status for seven years or more. Program sponsors are Deloitte Private, CIBC, EDC, The Globe and Mail, and TMX Group. For more information, visit
www.bestmanagedcompanies.ca
.
About Equipment Sales & Service Limited (www.essltd.com)
Equipment Sales & Service Limited was founded in 1946, ranking it with Canada's oldest and most established equipment companies. Now in our third generation as a private family-owned business, ESS retains the flexibility to respond to customer needs quickly and to keep pace with our rapidly changing global economy. ESS takes pride in delivering a personal standard of service to customers based on our traditional values of hard work, integrity, and shared responsibility. In addition to our sales of heavy equipment, ESS is one of Canada's largest national service providers, supporting all makes of machinery with factory-trained service technicians and the nation's largest inventory of OEM, wear parts, and aftermarket parts. Our commitment to customer service is matched by our commitment to ESS employees. Our safety policy and staff training programs are designed to keep ESS personnel healthy, productive, and at the top of the equipment service professions.
Contact Information
For more information, please contact:
bestmanagedcompanies@deloitte.ca
www.bestmanagedcompanies.ca
Jodie Willis : Equipment Sales & Service Limited
Chief Marketing Officer, Equipment Sales & Service Limited
416-249-8141
jwillis@essltd.com
www.essltd.com
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The Cross-Border Tax Landscape—Setting the Table 3.1 Dual-Tax Residency Tension Upon arrival, Daniel could be considered a resident of both Canada and the United States. Canada taxes worldwide income based on residency, while the U.S. taxes based on citizenship or substantial presence. Because Daniel is neither a USC nor a green-card holder, his U.S. residency hinges on the Substantial Presence Test (SPT). If he spends 183 weighted days or more during a calendar year—or elects residency under IRC §7701(b)(4)—he becomes a U.S. resident for federal tax purposes. Implication: Owning a Texas home can strengthen U.S. residency ties, but the Canada-U.S. Tax Treaty's tiebreaker rules may still assign him to one country. 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Generally easier for local underwriters to evaluate, but Daniel must build two‐year U.S. credit history or rely on cross-border lender programs that accept Canadian credit reports. Canadian HELOC (Home Equity Line of Credit): Tapping equity in an Ottawa property introduces exchange-rate exposure and potential thin-capitalization issues if the HELOC is later converted to U.S. denominated debt. Pro Tip: Some Canadians structure purchases through cross-border lenders who report mortgage interest to the IRS on Form 1098, simplifying deductibility claims on a U.S. Schedule A. 4.2 Down-Payment Sourcing Large CAD-to-USD transfers trigger FINTRAC and U.S. anti-money-laundering forms. Banks may request Form 3520/3520-A filings if funds flow through Canadian trusts or corporate entities. 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U.S. Federal Tax Treatment During Ownership 6.1 Mortgage Interest & SALT Deduction Limits Post-Tax Cuts and Jobs Act, SALT (state and local tax) deductions are capped at USD $10,000. Property taxes alone in The Woodlands can hit that ceiling. Mortgage interest on up to USD $750,000 of acquisition debt is deductible if Daniel itemizes. Strategic loan sizing and thoughtful prepayments can maximize after-tax benefits. 6.2 Depreciation vs. Canadian Capital Cost Allowance (CCA) U.S. rules allow 27.5-year straight-line residential depreciation, generating annual losses that may offset rental income if Daniel converts the home to a rental later. In Canada, claiming CCA on foreign rental property forfeits PRE for that year and complicates recapture. Proper ledger separation is crucial. 6.3 Passive Activity Loss (PAL) Limitations If Daniel's adjusted gross income exceeds USD $150,000, passive losses may be suspended. A future sale can unlock those suspended losses, reducing taxable gain—a nuance often missed without sophisticated Canada U.S. Financial Planning . 7. Currency Considerations—The Hidden Tax 7.1 Foreign Exchange on Purchase Buying at CAD $1 = USD $0.72 and selling at parity can inflate capital gains when measured in Canadian dollars. Both CRA and IRS require reporting in domestic currency. Daniel should maintain contemporaneous FX records, ideally automated through multi-currency software recommended by his cross-border financial advisor . 7.2 Mortgage Currency Mismatch If Daniel borrows in USD but earns in CAD, each mortgage payment involves a deemed FX disposition. Over years, small unrealized currency gains can snowball into taxable events in Canada. 8. Selling the Texas Home—Major Minefields 8.1 FIRPTA Withholding Mechanics Unless Daniel becomes a U.S. green-card holder, the buyer must withhold 15 percent of gross proceeds (not net gain). Exceptions: Sale price under USD $300,000 and buyer intends to occupy. IRS withholding certificate obtained pre-closing by projecting actual tax liability. Applying for a certificate demands credible cost-basis documentation—closing statements, renovation invoices, depreciation schedules—meticulously curated during ownership. 8.2 Section 121 Exclusion (U.S. Principal Residence) If Daniel (and spouse) live in the home for at least two of the five years preceding sale, they may exclude up to USD $500,000 of gain. But watch: Nonresident aliens cannot claim §121; Daniel must be a U.S. tax resident in year of sale. Depreciation recapture from rental years is taxable at 25 percent. 8.3 Canadian Capital-Gain Inclusion Canada taxes 50 percent of the capital gain, converted to CAD at settlement date FX. If Daniel already used his PRE on the Ottawa condo, the Texas gain is fully taxable in Canada. However, U.S. federal (and potential FIRPTA) tax becomes a foreign tax credit, mitigating double taxation. 9. Estate Tax, Probate, and Gifting 9.1 U.S. Estate Tax Exposure Non-U.S. persons owning U.S. situs assets above USD $60,000 face U.S. estate tax. Treaty formulas prorate Daniel's exposure based on his worldwide estate relative to the U.S. unified credit. Titling the home in a Canadian corporation or cross-border trust can shield estate tax but may sacrifice preferential rates on capital gains. 9.2 Texas Probate Texas probate is relatively streamlined, yet any foreign executor will need an in-state attorney ad litem. A revocable living trust or enhanced transfer on death (TOD) deed can avoid probate delays. 9.3 Gifting the Property to Children A well-intentioned gift could trigger FIRPTA, U.S. gift tax (if donor or donee is U.S. resident), and Canadian deemed disposition. A coordinated gift-splitting strategy under treaty Article XXIX B may alleviate double levies. 10. How a Cross-Border Financial Advisor Adds Value 10.1 Pre-Arrival Blueprint Residency Modeling: Simulate days in U.S. vs. Canada under multiple scenarios to determine treaty residency and tax domicile. Simulate days in U.S. vs. Canada under multiple scenarios to determine treaty residency and tax domicile. Financing Structure: Compare cross-border mortgage programs, evaluate CAD-indexed lines of credit, and optimize deductible interest alignment with personal cash flows. 10.2 Ownership Phase Management Recordkeeping Automation: Tools for dual-currency ledgers, T1135 reminders, U.S. FBAR reporting, and depreciation tracking. Tools for dual-currency ledgers, T1135 reminders, U.S. FBAR reporting, and depreciation tracking. Proactive SALT Optimization: Balancing property-tax prepayments with SALT cap, charitable bunching, and Roth vs. TFSA contribution timing. 10.3 Exit and Re-entry Strategy FIRPTA Certificate Applications: Coordinate appraisals, gather cost basis evidence, and file Form 8288-B to reduce withholding at closing. Coordinate appraisals, gather cost basis evidence, and file Form 8288-B to reduce withholding at closing. Gain Harvesting vs. Deferral: Weigh selling during low-income sabbaticals or before anticipated CAD appreciation. Weigh selling during low-income sabbaticals or before anticipated CAD appreciation. Repatriation Planning: If returning to Canada, merge proceeds into RRSP top-ups, RESP funding, or principal-protected notes to hedge FX risk. 10.4 Integrated Canada U.S. Financial Planning Across these stages, advisors combine treaty literacy with investment management, insurance structuring, and estate design—creating a unified roadmap. Without such guidance, homeowners may overpay taxes, misfile forms, or miss filing windows that close after 15 June (CRA) or 15 April (IRS). 11. Case Study: Daniel's Tailored Outcome With his cross-border financial advisor , Daniel: Secured a USD $600,000 mortgage through a lender accepting Canadian credit, ensuring Form 1098 issuance. Claimed Texas homestead exemption while preserving Ottawa condo as Canadian PRE under treaty tie-breaker year one; year two he cut Canadian ties and became U.S. resident, unlocking §121 eligibility. Automated FX logs via multi-currency bookkeeping to track CAD cost basis. Initiated a revocable trust holding title, minimizing probate and segmenting estate-tax exposure. Filed Form 8288-B at listing; buyer withheld only estimated tax, freeing cash for a down payment on a new Houston suburb upgrade. Leveraged foreign tax credits to eliminate Canadian tax after Ottawa condo sale, resulting in combined capital-gain tax below 10 percent. Net savings over a five-year horizon: USD $140,000 compared with do-it-yourself compliance, plus immeasurable peace of mind. 12. Practical Checklist for Would-Be Buyers Phase Action Item Advisor Touchpoint Pre-Purchase Model residency days; apply CRA Form NR73 if needed Residency calibration Obtain pre-approval from cross-border lender Mortgage structuring Closing Draft statement of adjustments capturing currency rates Cost-basis tracking Ensure title insurance recognizes foreign status Legal coordination Ownership File T1135 annually; claim U.S. deductions Ongoing compliance Review property-tax assessments; protest if inflated SALT optimization Disposition Request FIRPTA certificate 90+ days pre-close Withholding mitigation Allocate suspended passive losses; time sale for low-bracket year Exit strategy 13. Beyond Taxes: Lifestyle & Risk Considerations Healthcare Coverage: Provincial health coverage may lapse after 182–212 days abroad; supplemental U.S. plans must coordinate with travel back to Canada. Provincial health coverage may lapse after 182–212 days abroad; supplemental U.S. plans must coordinate with travel back to Canada. Insurance Gaps: Texas homeowner policies exclude windstorm and flood; cross-border advisors coordinate umbrella liability with excess personal‐liability riders valid in both countries. Texas homeowner policies exclude windstorm and flood; cross-border advisors coordinate umbrella liability with excess personal‐liability riders valid in both countries. Education Savings: RESP contributions may be penalized under U.S. PFIC rules—alternatives include 529 plans or brokerage accounts, harmonized via global asset-allocation overlays. 14. Frequently Overlooked Pitfalls Treaty Elections Filed Late: Missing the Article IV tiebreaker statement or §216 election for rental income can double-tax first-year rent. Ignored Departure Tax: If cutting Canadian residency, deemed disposition on worldwide assets—including pensions—may trump property concerns. State-Level Surprises Outside Texas: Future job moves to states with income tax (e.g., California) alter deductibility and estate planning frameworks. Canadian 'Foreign Buyer' Taxes: Provinces like British Columbia impose speculation taxes on homes left vacant; returning expatriates may unwittingly owe if they keep Canadian real estate. Conclusion: Transform Minefields into Milestones Real estate has long stood as a symbol of stability and personal success. For Canadians dispatched to The Woodlands, however, the purchase of a dream home doubles as an intricate cross-border tax project. Navigating dual-residency rules, withholding regimes, depreciation traps, and currency swings requires more than guesswork—it demands specialized expertise. A seasoned cross-border financial advisor integrates legal, tax, and cash-flow insights into one cohesive playbook. Through proactive cross-border tax planning and comprehensive Canada U.S. Financial Planning , homeowners like Daniel not only avoid pitfalls but also leverage treaty advantages, maximize cash retention, and secure generational wealth across two nations. In the end, the key lesson is simple: treat your relocation home not just as a roof over your head, but as an asset that spans two tax jurisdictions. With the right guidance, you can enjoy Texan sunshine, Houston career growth, and Canadian financial peace of mind—without getting scorched by unexpected tax rays along the way. TIME BUSINESS NEWS
