In 2006, Howard Berglas, the founder and President of Ber Tov Capital Corporation, originated the Ber Tov Flow-Through Charity Initiative to assist major Canadian philanthropists and charities. Ber Tov applied for and received the first Canadian advance income tax ruling approving this structure on November 13, 2007.
In 2011, Ber Tov extended the use of its structured flow-through share transactions to high-income individuals seeking to reduce their income taxes through the Ber Tov Flow-Through Share Initiative.
Implementing the Charity Initiative and the Share Initiative, Ber Tov has provided advice to its clients regarding the purchase and sale of more than $800 million of flow-through shares since its formation in 2006.
Ber Tov is an Exempt Market Dealer registered with the Securities Commissions of Ontario, Alberta, British Columbia, Manitoba and Quebec.
Ber Tov’s Team
Howard Berglas: CA, BComm
CEO & President, Head of Taxation
Office: (905) 944-1008
Cell: (416) 890-1002
Howard is a chartered accountant who has exclusively devoted his practice to income tax planning since 1985. He served as the senior tax partner of a mid-sized accounting firm in Montreal during the early 1990’s. In 1995, Howard moved to Toronto and together with Michael Cadesky formed what is today the largest independent accounting firm in Canada restricting its practice to taxation. In 2001, Howard left Cadesky & Associates to start his own practice specializing in developing proprietary tax plans for high net worth individuals.
In January 2006, Howard founded Ber Tov Capital Corporation to implement the Flow-Through Charity Initiative. Since developing the Initiative, Howard has spearheaded Ber Tov’s efforts in advising clients on the purchase and sale of more than $500 million of flow-through shares.
Howard’s duties at Ber Tov include ensuring the tax compliance of the Initiative, which has included the procurement of Tax Rulings from the Canada Revenue Agency. He also acts as a liaison between purchasers of flow-through shares, charities and their respective tax advisors to ensure maximum benefits are achieved as a result of each particular Initiative.
Avi Wachsman: BA
Principal, Equity Capital Markets
Office: (416) 514-0475
Avi oversees the capital markets functions at Ber Tov. He sources high quality flow-through opportunities through his network of relationships with investment dealers and matches them to Ber Tov’s client demand and criteria. Avi also maintains relationships with institutional and strategic investors who serve as liquidity providers in the structured deals.
Previously, Avi worked in New York City at both NASDAQ and Goldman Sachs before taking a position as a portfolio manager at a hedge fund. Avi has a Bachelor of Arts degree from Yeshiva University. Outside of work, Avi actively participates in a number of philanthropic projects as a board member for several charitable organizations.
Jake Levinson: CA
Principal, Operations and Client Services
Office: (416) 514-0476
Jake is responsible for managing the transactions and the related documentation. He works closely with clients, advisors and charities, ensuring the process is efficient and seamless. Jake began his career in 1998 at KPMG, receiving his designation as a chartered accountant, before joining Ernst & Young. His experience includes providing auditing, accounting, tax and operational advice to owner-managed corporations, charities and brokerage firms. Jake spent a number of years as the CFO & VP of Operations for a successful transportation company.
Steven Balsam: JD, CFA
Chief Compliance Officer
Office: (416) 646-0008x227
Steve has a dual background, having practiced law in New York City and investment management here in Toronto. He brings that background to Ber Tov, where he assists in the research process and analyzes subscription agreements to ensure a purchase of shares meets Ber Tov’s criteria. Steve also handles compliance, internal legal research and contract issues.
Steve received his bachelor’s degree in 1995 from Yeshiva University and his law degree from Harvard Law School in 1998. Steve received the CFA designation in 2006. He previously served as a Portfolio Manager at Manitou Investment Management and as a Tax Attorney at Katten Muchin Rosenman in New York City.