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). Dealer Plans on behalf of Retail Deposits & Investments and Scotia Asset Management. 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:

• Making recommendations to the Director, Regulatory Support to resolve highly complex, multi-faceted taxation problems that meet the business needs of Retail Deposits & Investments.
• Engage Scotia Securities Inc. for tax related issues/enhancements, etc. impacting their business line.
• Liaising with Legal Department, E.O. Taxation, Compliance, Security & Investigation, IT&S to gain consensus on policy issues.
• Participating in tax change initiatives as an advocate for the financial industry. In this role the incumbent will liaise with other banking industry representatives and advocacy groups to coordinate integrated industry participation on tax change initiatives.
• 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.
• Understanding if/when changes announced in the federal or provincial budgets pose any tax impact to the product shelf and work with the Snr. Manager, Regulatory Support and the Snr. Manager. Regulatory Operations to develop an action plan for implementation.
• Manage Tax related audits initiated by regulatory bodies (e.g. CRA, MRQ, etc.) for the product shelf.
• 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 and issues which typically arise from customer complaints.

Direct responsibility for Tax Reporting:

• The incumbent is required to analyze problem items and propose resolutions to management as required involving client transaction corrections and responding to government inquiries regarding tax issues.
• Ensure that BITS tickets raised for tax related issues are reviewed, resolved and escalated if required.
• The incumbent is responsible to ensure that the Retail Service Centre have accurate end-to-end tax processing that is in accordance with the Tax Act and other regulations.
• Provide assistance when required to RSC/Estates & Taxation for tax related matters, inquiries or Withholding Tax (WHT) reconciliation issues.
• Work directly with the Registered Product Working Committee and provide support for tax related matters.
• Ensure that tax reporting for all RD&I products are properly supported in accordance with Provincial and Federal tax rules (e.g. GST, HST, T3, etc.)
• Ensure the T3GR totals submitted to CRA annually are accurate and reflective of the Registered Deposit business.
• Ensure any rejected accounts on the T550 CRA tax return are remediated
• Ensure that any tax related notifications received from CRA, MRQ, etc. (e.g. schema changes, etc.) are escalated to the Regulatory Tax and Compliance System team within IT&S.
• 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 both internal and external

• The incumbent is responsible for maintaining up-to-date Tax related forms/documentation within Intralink.
• The incumbent works with EO Tax and the Director, Regulatory Support to review required form revisions based on tax changes
• The incumbent must work with the Senior Manager, Regulatory Operations to update, coordinate, approve and sign-off on form changes. (e.g. RRSP Contribution receipts – authorized signatures, etc.) and the updating of the applicable processes/systems accordingly.
• Updating of manuals and system tax tables for Tax Treaty changes with various countries. (Annual validation of Non-Resident tax rates and system function is required)

Maintaining tax related information:

• The incumbent is responsible for the annual maintenance and upkeep of the Business # listing for both BNS and SSI dealers
• The incumbent is responsible for the annual maintenance and upkeep of the Authorized Officer listing for tax accounts for BNS and SSI dealers and My Business Account users for the TFSA.
• The incumbent is responsible for identifying tax related changes and the potential impact to the products with RD&I (e.g. (HST, etc)
• The incumbent is responsible for maintaining the list of branch Non-Resident Accounts associated with the RSC Taxation team especially for new branch openings
• The incumbent is responsible for maintaining the Product Tax Compliance Matrixes for all Retail Products to ensure they are complete and up-to-date and to ensure the RSC Taxation is leveraging the correct tax processing rules.

System support:

• Work closely with the Sr Mgr. Retail Investments Product Strategy & Development and Investment System Solutions (IT&S) on system enhancements which have a tax impact (e.g. withholding tax, tax tables, etc.)
• Engage other stakeholders (e.g. ScotiaOnline, EDGE, etc.) for tax related impacts when required.

Annual Tax Receipt Production:

• The RD&I lead for the annual tax receipt production. This includes attending working sessions, status meetings and providing any new requirements for tax receipt production due to CRA and MRQ schema changes.
• Ensure that any tax related changes implemented by regulators (MRQ, CRA) are identified and communicated to stakeholders
• Review and provide feedback on the Business Requirements Document, External Design Documents, General Design Document and Statement of Work for the various systems that RD&I supports. (e.g. Investment Platform,(IP), STARS, YT and Amendable Web)
• Responsible for review and input on the "Annual RD&I" Tax Project Authorization Request (PAR)
• Review, validate output and provide sign-off on the tax slip production
• Update tax receipt production calendar to reflect tax slip mailing dates
• Review and update Taxation FAQs on .com to ensure customer facing information is accurate

Other duties:

• Incumbent confirms to the Senior Manager, Regulatory support that the 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:
• The incumbent must be a self-starter, results oriented, very organized and highly motivated
• Strong understanding of the domestic bank's plans and products (e.g. RSP, RIF, PAFT, TFSA, RESP, Locked-In Plans, Guaranteed Investment Certificates, and Scotia Power Savings Account (SPSA) and the tax rules and output for each of the products
• Strong understanding of the domestic bank's processes and procedures in order to provide tax support to key stakeholders
• Some understanding of the Investment Platform system, EDGE (Contact Centre System) and SOL (ScotiaOnline)

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, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.
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 (including, but not limited to, an accessible interview site, alternate format documents, ASL Interpreter, or Assistive Technology) during the recruitment and selection process, please let our Recruitment team know. If you require technical assistance, please click here. 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.