Manager, U.S. Tax Reconciliation (QI)

RBC•Toronto, ON

6d•Onsite

About The Position

This role is within a team responsible for ensuring compliance with the tax reporting requirements of the IRS QI Agreement. The team's responsibilities include tax withholding and remittances, information reporting to accountholders and the IRS, and income and tax reconciliation. Reporting to the Senior Manager, US Tax Reporting, the Manager will be responsible for directing and supervising reconciliation activities, reviewing reconciliations for accuracy and completeness, and ensuring compliance with tax regulations. This includes day-to-day management of a team of 3 Tax Specialists, with accountability for employee experience, staff development, and performance management.

Requirements

University degree or recognized diploma in finance, economics, or accounting, or equivalent professional experience
Demonstrated expertise in US tax regulations applicable to Qualified Intermediaries, including the QI Agreement and Sections 302, 305(c), 871(m) and 1446 of the Internal Revenue Code.
Complete understanding of US tax as it applies to security financing including institutional borrowing and lending accounts, third party settlements, derivatives, repos etc.
3+ years of experience supervising and managing a team
3+ years of experience with tax reconciliation processes
Advanced proficiency in Microsoft Office including MS Access, Excel and PowerPoint
Excellent written, verbal and presentation communication skills

Nice To Haves

Completion of Canadian Securities Course (CSC).
Familiarity with RBC Wealth Management Canada systems and applications (BTS, ClientSource, OnDemand, ServiceLink).
Knowledge of FATCA and CRS reporting requirements
Bilingual in French and English

Responsibilities

Provide leadership and oversight of team activities, ensuring department goals and individual objectives are met
Foster employee development through coaching, cross-training, and mentoring with a focus on collaboration and teamwork
Conduct performance reviews, address performance issues, and submit nominations for recognition programs
Establish and maintain reconciliation standards and procedures
Manage income and tax reconciliations on daily, weekly, monthly, quarterly, and annual cycles
Verify accuracy of tax amounts withheld with tax remittances
Monitor break investigations to ensure compliance with regulatory requirements and departmental procedures
Review income and tax reconciliations performed by team members to ensure accuracy and regulatory compliance
Prepare reconciliation reports for periodic reviews and audits
Analyze existing processes and procedures to identify opportunities to improve client service, increase efficiency, and reduce risk
Identify and implement automated improvements to reconciliation processes and procedures, using MS Access SQL queries, VBA and macros, MS Excel workflow automation tools (Power Query, Pivot Tables and VBA)
Maintain desk operating procedure manuals and ensure that procedures are updated when processes are modified
Develop close working relationships with other Wealth Management Operations teams, RBC Business partners, and Tax Advisory teams
Present reconciliations and findings to senior leaders and auditors with clear articulation of results
Communicate effectively with the IRS and auditors on behalf of supported business lines

Benefits

bonuses
flexible benefits
competitive compensation
commissions
stock where applicable
Leaders who support your development through coaching and managing opportunities
Ability to make a difference and lasting impact.
Work in a dynamic, collaborative, progressive, and high-performing team.
Flexible work/life balance options.
Opportunities to do challenging work.
Opportunities to take on progressively greater accountabilities.
Access to a variety of job opportunities across business.