Manager, US Tax Reconciliation (QI)

Job Description

What is the opportunity?

You will join a team responsible for ensuring compliance with the tax reporting requirements of the IRS QI Agreement. Team 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, you will be responsible for directing and supervising reconciliation activities, reviewing reconciliations for accuracy and completeness, and ensuring  compliance with tax regulations.

The mandate includes day-to-day management of a team of 3 Tax Specialists. You will be accountable for the employee experience and responsible for staff development and performance management.

What will you do?

Leadership & Team Management

• 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

Reconciliation & Compliance

• 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

Process Analysis & Improvement

• 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

External Communication

• 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

What do you need to succeed?

Must haves:

• 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-have:

• 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

What’s in it for you?

We thrive on the challenge to be our best, progressive thinking to keep growing, and working together to deliver trusted advice to help our clients thrive and communities prosper. We care about each other, reaching our potential, making a difference to our communities, and achieving success that is mutual.

• A comprehensive Total Rewards Program including bonuses and flexible benefits, competitive compensation, commissions, and 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.

Job Skills

Additional Job Details

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Note: Applications will be accepted until 11:59 PM on the day prior to the application deadline date above

Our Employment Opportunities

At RBC, we are guided by living shared values of Client First, Integrity, Collaboration, Respect and Excellence and winning together as One RBC. We believe an inclusive workplace that has diverse perspectives is core to our continued growth as one of the largest and most successful banks in the world. Maintaining a workplace where our employees feel supported to perform at their best, effectively collaborate, drive innovation, and grow professionally helps to bring our Purpose to life and create value for our clients and communities. RBC strives to deliver this through policies and programs intended to foster a workplace based on respect, belonging and opportunity for all.

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RBC is presently inviting candidates to apply for this existing vacancy. Applying to this posting allows you to express your interest in this current career opportunity at RBC. Qualified applicants may be contacted to review their resume in more detail.