Manager- Policy Holder Tax & Reconciliation

Job Description

What is the opportunity?
As the Manager of the Policyholder Tax and Reconciliation team, you will be responsible for regulatory compliance with the taxation of our life insurance and deferred annuity products for our business processes, procedures, and system functionality for tax reporting.
You will oversee the accounts receivables for the Life & Health Insurance division by playing a critical role in mitigating financial risk through daily and month end reconciliation and journal entry processing functions. Manage the administration of RBCI’s year-end tax reporting as part of the Year End Tax Project each year, ensuring compliance with tax legislation. Your role will require you to review and sign-off each of the tax jobs for printing of tax slips and submission of XML files to Canada Revenue Agency and Revenue Quebec.

Complete the Reporting Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) policyholders to CRA and various AML functions. You will have a team of 6 Tax Analysts and Reconciliation Specialists reporting to you, and you will have the opportunity to develop others while providing opportunities for continuous learning, collaboration with a variety of teams and building effective, strong work relationships.

What will you do?

• Promote and maintain positive relationships with clients, regulators and business partners, including the handling and resolving of complex tax inquiries, reconciliation and finance inquiries and any escalations.
• Utilize all resources including communications received from CLHIA, to identify and monitor changes including federal and provincial budgets released, to identify new and/or changes in legislation that impact the administration and compliance with taxation of RBCI’s products on each system; attend monthly CLHIA Policyholder Tax Committee meetings
• Consolidate information for purpose of tax, regulatory and financial reporting with an emphasis on maintaining accurate, up-to-date tax account and payment information for filling returns, tax remittance and YET project
• Primary business resource for all system enhancements and/or new products implemented that have tax implications, providing support, information and analysis, as required, to ensure compliance

• Serve as a primary liaison for escalations resulting from internal/external customer inquiries and complaints that are specific to taxation, ensuring that reputational risk, regulators, legal and compliance matters are considered for all tax related issues
• Support team members in either Policyholder Tax or Reconciliation helping them develop skills and building knowledge both in their role and in preparation for future career opportunities
• Assurance of financial integrity through effective oversight of any premium reconciliation processes, approvals as per DOA while meeting any FSS deadlines
• Build key relationships with bank contacts, internal departments and our vendors as well as FSS and Finance business specialists for all reconciliations and audit activities and assist partners to resolve unique and complex account analysis.

• Identify potentially high-risk clients and ensure Enhanced Due Diligence is conducted by the AML High Risk Client Team to inform and document the client’s AML risk rating.
• Ensure Client Due Diligence and ongoing monitoring requirements are met for existing clients in accordance with AML regulations, including identifying new risk factors or changes to a client’s AML risk rating.
• Manage administrative and confidential documents for integrity, accuracy, consistency and decision-making, in accordance with Legal and Compliance Department standards and ensure procedures (SOPs) are documented, up to date and maintained per RBCI’s approved PPL requirements
• Support Auditors (internal and external) with any audit reviews for Life & Health business
• Leading, coaching, enabling, and developing a team to achieve personal and team success and to drive continuous improvements and high employee engagement scores

What do you need to succeed?

Must have

• University degree or equivalent
• Expert knowledge and understanding of insurance policy ACB and taxation rules for life…