Vice President, Client Tax Operations and Advisory

Requisition ID: 209869


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Purpose

The VP, Client Tax Operations and Advisory will lead a centralized client tax operations and advisory center of excellence to optimize and standardize client and advisor experiences, including tax processing functions in GWM/GBM and proactively address any tax-related concerns, including new regulatory requirements.

The position will be required to understand the complex, technical nature of client tax requirements in an operational setting to effectively communicate and simplify information to key internal stakeholders in GWM and GBM, Global Taxation, clients as well as external regulators, dealers, custodians, tax authorities, and auditors. This position will oversee Canadian and foreign tax regimes impacting our product and client operations and will ensure operational compliance with CRA, FATCA, CRS, IRS (QI, US filing) and other applicable regulatory tax requirements. This position will work with multiple stakeholders to enhance existing tax programs and improve client and advisor experiences, ensuring business strategies, plans and initiatives are supported in compliance with governing regulations, internal policies, and procedures in Canada and the US.

Accountabilities

• Leads and drives a customer-focused culture throughout their team to deepen client relationships and leverage broader Bank relationships, systems, and knowledge.

• Provides leadership to the client tax operations and advisory center of excellence team for Global Wealth Management (SGAM and WM) and Global Banking & Markets, Canadian and International Banking (FATCA/CRS specific).

• Leads and oversees the production of timely and accurate client Canadian and US tax withholdings/remittance & reporting, the execution of controls across client tax lifecycle, the collection of client documentation & coding, the recording of income events, and reconciliations (income code etc.).

• Leads and oversees a governance and oversight framework for ensuring ongoing operational compliance of CRA, FATCA, CRS, IRS (QI, US filing) and other applicable regulatory tax requirements.

• Overall accountability for the delivery, execution and maintenance of the FATCA and CRS reporting program.

• Oversee the execution and maintenance of the enterprise FATCA/CRS reporting processes and control components.

• Develops and executes on a tax infrastructure modernization plan to improve existing resiliency, drive straight through processing and to meet future tax requirements.

• Leads remediation efforts of identified tax operations issues and gaps by recommending the best course of action to remediate and improving operational processes and procedures to avoid recurrence.

• In partnership with Global Taxation, reviews and defines requirements for upcoming new regulatory tax requirements and impact on business, operational and technical change.

• Leads and oversees a team responsible for tax compliance and tax operations for all proprietary mutual funds and private asset products.

• Lead tax advisory and planning on all new product creation/launches from end to end; including, but not limited to, initial due diligence to assess optimal fund structure, engaging with internal/external counsel to draft tax related disclosures in offering documents, collaborate with marketing/communication team to support external publications, direct relevant systematic set up within operational platform to the support the product, implement internal controls and procedures to support ongoing operation, reporting, and risk management for the new product.

• With oversight provided by Global Taxation, identify tax risks, establish and implement policies and controls to ensure the investment funds adheres to all existing and new domestic/foreign tax regulations.

• With oversight provided by Global Taxation, provide expert tax advisory and solutions to product development, portfolio management and the executive team on Canadian and international tax rules impacting the business, product initiatives, investment portfolios, and tax operations.

• Directs day-to-day activities in a manner consistent with the Bank’s risk culture and the relevant risk appetite statement and limits. Communicates the Bank’s risk culture and risk appetite statement throughout their teams.

• Creates an environment in which his/her team pursues effective and efficient operations of his/her respective areas in accordance with Scotiabank’s Values, its Code of Conduct and the Global Sales Principles, while ensuring the adequacy, adherence to and effectiveness of day-to-day business controls to meet obligations with respect to operational, compliance, AML/ATF/sanctions, and conduct risk.

• Builds a high-performance environment and implements a people strategy that attracts, retains, develops and motivates their team by fostering an inclusive work environment and using a coaching mindset and behaviours; communicating vison/values/business strategy; and managing succession and development planning for the team.

Education / Experience

• CPA with at least 10+ years of progressive tax experience in an accounting firm or Financial Institution.
• Strong understanding and experienced in client tax reporting and tax accounting for different fund structures combined with financial and tax accounting skills.
• Completion of CPA In-Depth Tax Program would be an asset.
• Strong tax advisory experience and understanding tax operations.
• Strong leadership, communication, and presentation skills.
• Familiarity with data analytics and tax related technology.
• Knowledge of FATCA and CRS requirements, including providing guidance and reporting requirements.
• Knowledge of Qualified Intermediary (QI) compliance and related reporting requirements.
• Knowledge of income tax treaties, particularly with respect to withholding and permanent establishment issues.
• Knowledge of mutual funds, structured investment products, equities, securities borrow and lending activities.

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.

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