Manager, RESP and Regulatory

Requisition ID: 275613 

Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.

The Manager, RESP and Regulatory is responsible for managing a specialized processing unit within the Client Services Department of Global Wealth Management (GWM) Account Maintenance Financial. This role is accountable for various processes and procedures relating to the Scotia Capital Inc. and Scotiatrust business lines operation of registered accounts (i.e. Registered Retirement Savings Plans, Registered Retirement Income Plans, Registered Education Savings Plans, Tax Free Savings Accounts, etc.) The Manager will focus on ensuring that the various accountabilities are processed to the highest standard as per regulatory requirements under the Income Tax Act (overseen by Canada Revenue Agency), the Employment and Social Development Canada (ESDC), various provincial acts, QI (Qualified Intermediary for the United States Internal Revenue Service) and Canada Deposit Insurance Corporation (CDIC).  

The incumbent will be expected to work with management of GWM operations to interpret new legislation and operationalize the required changes to mitigate risk for the bank. This role requires initiative and leadership skills to coordinate with various stakeholders, including other GWM operations teams, retail business management, Legal Counsel, Taxation and others as required.

Is this role right for you? In this role you will:

• Ensure the timely processing of RESP withdrawal requests, including Educational Assistance Payment, Capital Withdrawals & other client requests as allowed under the rules of the various jurisdictions 
• Review and address retail inquiries within the set Service Level Agreement (SLA) timelines
• Issue the Daily Settlement request ensuring all assets under Scotiatrust are segregated in a separate account and not comingled with the rest of the funds held under Scotia Capital Inc.
• Ensure that the end-to-end monthly filing procedure with ESDC is processed and sent by Broadridge in application for the Canada Education Savings Grant, Canada Learning Bond, and other provincial incentive funds
• Ensure the successful mailing of Educational Assistance Payment (EAP) letters 
• Ensure the thorough review of reports/files issued by the governing bodies (i.e. ESDC, RQ) in reply to our filing to identify any issues or areas of concern
• Ensure the thorough review of reports issued by Broadridge to act on them accordingly
• Ensure completion of the monthly review of the previous month’s non-resident accounts, and preparation of the CA-LOB/W-8Ben-E forms to be signed by the Trustee (Scotiatrust) within 5 business days of the previous month-end. 
• Ensure on-going communications with the ScotiaMcLeod, Scotia Direct Investing, and Scotiatrust (C191) retail contacts to update relevant non-resident accounts as to their tax treatment for US source income.
• Ensure that funds and securities are balanced and reconciled in the assigned control accounts.
• Coordinate the publication of RESP account statement messages in reference to grant refusal
• Ensure the successful filing of T3Trust, T3GR and other tax filings attributed to Non-Qualified investments held in registered accounts.
• Ensure the end-to-end RESP filing with Revenu Quebec (RQ) is processed and sent by Broadridge in application for the Quebec Education Savings Incentive (QESI).
• Ensure the accuracy of the annual filing to Scotiabank finance department for CDIC coverage for registered product cash balances held at Scotia Capital and Scotiatrust (191)
• Ensure all Registered Plan application forms, declaration of trust documents, relevant addenda, and other applicable forms comply with business rules and required federal and provincial legislation.
• Work with the Forms Unit and other business partners to maintain forms in the appropriate online locations and work with business partners on any account opening system updates as required. 
• Review and update the department’s published information where applicable and work with appropriate departments to maintain updated Registered Product information on Wealthnet. 
• Become familiar with the departmental policies and procedures to accurately respond to the field’s inquiries.   
• Design and implement ongoing system and product training for both department staff and the client user group, ScotiaMcLeod, iTrade and Scotia Private Client Group by updating Wealthnet as well as holding regular conference calls and other communiques by the department for use throughout the company.
• Manage the short- and long-term goals of the department by ensuring the team understand and implement the objectives and motivate them to provide the best service possible in a cost-effective manner.  
• Prepare and review, with the Sr. Manager, the team performance appraisals and salary assessments.
• Interview and assess potential candidates for open positions.
• Identify, document and resolve system deficiencies with the service provider (Broadridge) and our internal systems development group.
• Identify and document system enhancement specifications where opportunities exist and present same to Broadridge for costing estimates and communicate and obtain approval of other Broadridge users, prior to any work and cost estimates.

Do you have the skills that will enable you to succeed in this role? – We’d love to work with you if you have:

• Business education and/or investment industry experience 
• Expert knowledge of Registered Products and the Federal, Provincial and Industry rules which govern them, with particular emphasis on the Income Tax Act and analyzing its various annual amendments and their effects on current and future departmental operations
• Well-rounded knowledge of the Brokerage and Trust Company industry and the interrelationships they have with the Trustee and its duties to the registered plan clients.
• Well-rounded knowledge PC applications, particularly spreadsheet programs and file transmissions due to the processing requirements of various specialty products.
• Strong interpersonal & communication skills both verbal & written to communicate with internal and external clients, as well as governing body officials
• Strong leadership skills, including the ability to delegate tasks effectively, team build, coach and encourage feedback
• The ability to manage multiple tasks, priorities and projects
• Must be self-starter and independent task oriented, to work with minimum supervision based on guidance from senior management 
• Strategic and analytical attributes

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.