Senior Manager, Taxation & Regulatory Reporting

Title: Senior Manager, Taxation & Regulatory Reporting

Requisition ID: 208748

Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.

The Senior Manager, Taxation and Regulatory Reporting supports the overall business goals of the Retail Deposits, Investments and D2D Banking (RD&I) portfolio by leading the design, development and maintenance of policies and procedures that support Taxation to mitigate operational, financial and reputational risk. The Senior Manager is responsible for managing the end-to-end tax processing experience for both the Bank of Nova Scotia (BNS) & Scotia Securities Inc (SSI). The incumbent is the department’s taxation expert and will accordingly represent the Retail Bank in interactions with the Canada Revenue Agency, Revenue Quebec (MRQ) and the Internal Revenue Service (USA-IRS).

The product scope for this role includes: Registered Retirement Savings Plans (RRSPs), Registered Retirement Income Plans (RRIFs), Tax-Free Savings Accounts (TFSAs), Registered Disability Savings Plans (RDSPs), Registered Education Savings Plans (RESPs), Locked-In plans, Non-Registered Plans, High Interest Savings Accounts (HISA), Savings Accounts and Guaranteed Investment Certificates (GICs). The incumbent must focus on providing a high level of tax expertise to ensure that the products and plans are properly supported through strong tax processes and controls.

Is This Role Right for You? In this role, you will:

Fulfill the role of the department’s taxation expert by:

1. Making recommendations to the Director, Regulatory Support to resolve highly complex, multi-faceted taxation problems that meet the business needs of Retail Deposits & Investments.
2. Engage Scotia Securities Inc. for tax related issues/enhancements impacting their business line.
3. Liaising with Legal Department, E.O. Taxation, Compliance, Security & Investigation, IT&S to gain consensus on policy issues.
4. Participating in tax change initiatives as an advocate for the financial industry, liaising with other banking industry representatives and advocacy groups.
5. Interacting with key tax regulators/legislators (e.g. CRA, MRQ, IRS) to influence tax related forums to discuss implementation strategies/processes resulting from new tax regulations and legislation.
6. Understanding if/when changes announced in the federal or provincial budgets pose any tax impact to the product shelf and working with the Snr. Manager, Regulatory Support and the Snr. Manager, Regulatory Operations to develop an action plan for implementation.
7. Manage Tax related audits initiated by regulatory bodies (e.g. CRA, MRQ).
8. Manage the Retail Investments Tax In-Box to provide support to Branches, CCC, Retail Service Centre (RSC), SSI GoAskOps, Office of the President and Ombudsman on tax related matters.

Direct responsibility for Tax Reporting:

1. Analyze problem items and propose resolutions to management involving client transaction corrections and responding to government inquiries regarding tax issues.
2. Ensure that BITS tickets raised for tax related issues are reviewed, resolved and escalated if required.
3. Ensure that the Retail Service Centre has accurate end-to-end tax processing in accordance with the Tax Act and other regulations.
4. Provide assistance when required to RSC/Estates & Taxation for tax related matters.
5. Work directly with the Registered Product Working Committee and provide support for tax related matters.
6. Ensure that tax reporting for all RD&I products are properly supported in accordance with Provincial and Federal tax rules.
7. Ensure the T3GR totals submitted to CRA annually are accurate and reflective of the Registered Deposit business.
8. Ensure any rejected accounts on the T550 CRA tax return are remediated.
9. Ensure that any tax related notifications received from CRA, MRQ are escalated to the Regulatory Tax and Compliance System team within IT&S.
10. Provide business support for the annual tax reporting/filings to ensure they are remitted in accordance with the Tax regulation schedules.

Responsible for the on-going maintenance of tax related information in bank manuals and tax related forms:

1. Maintain up-to-date Tax related forms/documentation within Intralink.
2. Work with EO Tax and the Director, Regulatory Support to review required form revisions based on tax changes.
3. Update, coordinate, approve and sign-off on form changes with the Senior Manager, Regulatory Operations.
4. Update manuals and system tax tables for Tax Treaty changes with various countries.

Maintaining tax related information:

1. Responsible for the annual maintenance and upkeep of the Business # listing for both BNS and SSI dealers.
2. Responsible for the annual maintenance and upkeep of the Authorized Officer listing for tax accounts for BNS and SSI dealers.
3. Identify tax related changes and the potential impact to the products with RD&I.
4. Maintain the list of branch Non-Resident Accounts associated with the RSC Taxation team.
5. Maintain the Product Tax Compliance Matrixes for all Retail Products.

System support:

1. Work closely with the Sr Mgr. Retail Investments Product Strategy & Development on system enhancements which have a tax impact.
2. Engage other stakeholders for tax related impacts when required.

Annual Tax Receipt Production:

1. Lead for the annual tax receipt production, including attending working sessions and providing new requirements for tax receipt production.
2. Ensure that any tax related changes implemented by regulators are identified and communicated to stakeholders.
3. Review and provide feedback on various system documents that RD&I supports.
4. Responsible for review and input on the “Annual RD&I” Tax Project Authorization Request (PAR).
5. Review, validate output and provide sign-off on the tax slip production.
6. Update tax receipt production calendar to reflect tax slip mailing dates.
7. Review and update Taxation FAQs on .com to ensure customer facing information is accurate.

Other duties:

1. Confirm monthly “tax activities” as identified on the “regulatory calendar” are complete. Other duties as assigned.

Do you have the skills that will enable you to succeed in this role? We’d love to work with you if you have:

Education:
• University degree specializing in taxation
• 5 + years of financial services and taxation experience required.
• Project management experience would be an asset

Skills:
• Self-starter, results oriented, organized and highly motivated
• Strong understanding of the domestic bank’s plans and products and the tax rules for each
• Strong understanding of the domestic bank’s processes and procedures to provide tax support to key stakeholders
• Some understanding of the Investment Platform system, EDGE and SOL

Location(s): Canada : Ontario : Toronto

Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services.

At Scotiabank, we value the unique skills and experiences each individual brings to the Bank, and are committed to creating and maintaining an inclusive and accessible environment for everyone. If you require accommodation during the recruitment and selection process, please let our Recruitment team know. Candidates must apply directly online to be considered for this role. We thank all applicants for their interest in a career at Scotiabank; however, only those candidates who are selected for an interview will be contacted.