Taxation Manager, BMO Insurance-1800019852
Under the direction of the Vice President, this role works collaboratively to provide effective Canadian income tax planning and advice regarding insurance product taxation, and manages effective relationships with both internal and external colleagues regarding information required by BMO Taxation related to these tax matters.
The role is accountable for:
- Recommending effective tax policies, procedures and controls with respect to policy holder taxation that ensure such planning is appropriately supported, documented, reviewed, and within BMOFG's risk tolerance.
- Recommending effective tax policies, procedures, and controls that manage operational income tax risk related to Canadian operations, including risk related to withholding tax.
- Developing and maintaining requisite understanding of Canadian operations and related regulatory rules pertaining to insurance product taxation and monitoring Canadian income tax that may impact policy holder taxation.
- Providing leadership by working collaboratively with BMO Taxation staff to develop and implement vision, goals, and strategies, establish action plans to achieve goals, and review progress to plans.
- Managing effective relationships with colleagues in the Insurance LOB and BMO Taxation with respect to Canadian policy holder income tax planning and advice and related tax matters.
- Working collaboratively to assist in developing and implementing effective Canadian policy holder tax strategies and solutions that support financial and strategic initiatives of the Insurance LOB.
- Working collaboratively to assist in providing timely, thorough tax advice (and training, if applicable) to the Insurance LOB on Canadian income implications of current and proposed insurance products and working collaboratively with Taxation department to assess impact of administrative positions of tax authorities.
- Participates on applicable industry insurance related committees.
- Assists in establishing and maintaining tax risk management framework that effectively manages operational Canadian income tax risk related to Canadian insurance operations (including risk related to withholding tax) and monitor compliance by the Insurance LOB with related tax policies, procedures, and controls.
- Working collaboratively to assist in implementing required changes to Canadian business processes and systems as a result of changes to Canadian income tax requirements for insurance products, including changes related to Insurance Procedures Manual(s).
- Working collaboratively, effectively managing timely collection of information required by BMO Taxation that is complete and accurate
- Performing tax research based on current and proposed Canadian income legislation and preparing tax memoranda as required.
- Working collaboratively with BMO Taxation staff, effectively managing or assisting with BMO Taxation projects as required.
- Preparing formal and informal reports and analysis, as required.
Risk management and control
- As required, assisting in reviewing capital management memoranda and other approval documents with respect to insurance products initiated by the Insurance LOB to ensure Canadian income tax risks are assessed and mitigated and communicated to other stakeholders as appropriate.
- Assisting in monitoring compliance with tax policies, procedures and controls that ensure Canadian income tax planning and advice for insurance products are supported and within BMOFG's risk tolerance and any tax risks are assessed and mitigated, and recommending corrective actions if necessary.
- Providing no tax advice directly or indirectly to particular customers or employees of BMOFG.
- Managing timely collection of accurate, complete information from the Insurance LOBs that has been reconciled to the general ledger, data integrity has been verified, and meets requirements of tax authorities on audit of returns.
- Assisting in preparing timely, accurate responses to audit queries and proposed adjustments received from Canadian tax authorities. Researching tax issues and preparing memoranda outlining Bank’s position.
- Providing governance oversight on the t preparation of periodic taxation forms for policy holders, including T-slips, remittance forms, etc. and reviewing if required.
- Adhering to all aspects of First Principles, our code of Business Conduct and Ethics, including individual accountability as it relates to potential conflicts of interest, safeguarding of customer information, trading in securities, anti-money laundering, privacy and disclosure of outside business activities.
- Working collaboratively to assist in effectively providing timely, thorough Canadian income tax advice on policy holder taxation matters.
- Fostering environment of continuous improvement of Canadian tax planning and operational tax risk management processes and related tax policies, procedures and controls, working collaboratively to develop and implement best practices that address tax statutory and governance requirements and minimize time/effort requirements.
- Identifying staffing needs and working collaboratively to assist in closing gaps, advising on allocation of work, setting context in which BMO Taxation staff work collaboratively with one another, providing formal input into performance evaluations, and mentoring and coaching in order to create and maintain effective tax function.
- Identifying training needs of BMO Taxation staff with respect to tax technical and research skills, as well as accounting, management and other required knowledge and skills, and working collaboratively to close gaps.
- Creating and implementing training and development guidelines in support of BMO Insurance client services partners, and other cross functional groups including developing and maintaining requisite tax technical and research skills, as well as accounting, management, and other knowledge and skills, identifying gaps, and working collaboratively to close gaps.
- Displaying and encouraging appropriate high performance behaviours that are congruent with BMOFG’s Being BMO model
KNOWLEDGE AND SKILLS
- University degree and professional designation as a CPA
- Knowledge of life insurance products and features, tax advantages
- Canadian policyholder tax knowledge and experience
- Some knowledge of pension products and other taxable benefits provided through life or annuity contracts an asset
- 4 or more years of relevant tax experience
- Experience in financial services preferred
- Working knowledge of LAN based computer programs including Excel, Word
- Able to communicate effectively, both oral and written
- Attention to detail/accuracy
- Good tax research skills
- Strong analytical skills; able to discern large amounts of information and focus on the critical issues
- Able to identify and evaluate issues and develop and recommend solutions
- Sound judgment and decision making
- Strong organizational skills
- Able to work effectively under tight timeframes and meet deadlines
- Respect for confidential information
- Strong interpersonal skills
- Ability to team effectively with other members of BMO Taxation and other stakeholder
At BMO we have a shared purpose; we put the customer at the centre of everything we do – helping people is in our DNA. For 200 years we have thought about the future—the future of our customers, our communities and our people. We help our customers and our communities by working together, innovating and pushing boundaries to bring them our very best every day. Together we’re changing the way people think about a bank.
As a member of the BMO team you are valued, respected and heard, and you have more ways to grow and make an impact. We strive to help you make an impact from day one – for yourself and our customers. We’ll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs. From in-depth training and coaching, to manager support and network-building opportunities, we’ll help you gain valuable experience, and broaden your skillset.
To find out more visit us at https://bmocareers.com .
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BMO is committed to an inclusive, equitable and accessible workplace. By learning from each other’s differences, we gain strength through our people and our perspectives. Accommodations are available on request for candidates taking part in all aspects of the selection process.