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Title:  Registered Product Administrator - Wealth Management - Hybrid - Toronto

 

 

 

Requisition ID: 155507

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

 

Wealth Management Operations -  Registered Products 

 

This position is hybrid and will require working from our downtown Toronto office 2-3 days per week.

 

Purpose:

The Registered Products Administrator is accountable for knowledge of the various processes and procedures relating to the operation of Registered Education Savings, Tax Free Savings, Registered Retirement Savings, Registered Retirement Income Plans and  Locked-In plans across all business lines serviced, for transactions requested by the field.  You must 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) and various provincial acts.

 

The focus of the position includes communications with the serviced business lines (ScotiaMcLeod, iTrade, and Scotiatrust) front-office staff regarding client transactions for registered plans. Such communications would include answering questions related to legislation and governing rules for all types of registered plans offered at those businesses.  As well, inquiries include those related to processes and procedures for transactions, including correct forms to complete. Incumbents are required to adhere to set Service Level Agreement (SLA) timeframes.  

 

You are required to review transaction requests and any accompanying documentations to ensure accuracy and completeness prior to the incumbent processing said items.       

 

Accountabilities:

  1. Review and process transactions in RESP accounts (i.e. payments, contribution adjustments, swaps, etc.) and maintenance of notional information.
  2. Review forms remitted to process request; ensure calculations are accurate as to type of requests and allowable within set governmental limits.
  3. Monthly and annual filing for grants and other incentives from the Canada Education Savings program, the Quebec Education Savings Incentive (QESI) and government incentive programs as required.
  4. Analyze, resolve problem items:   For problem issues brought to the incumbent’s attention from the field, the incumbent should analyze the problem, propose best solutions and take action on corrections as agreed to by manager.  If required raise issues/proposed solutions to their Management for further review or actions. Response is expected within set time frames
  5. Set up Income Plans  (RIF/LIF/LRIF) payment profiles and process payments for RIF accounts as required; ensure accuracy of tax rates, including special situation rates (eg: over minimum amounts taxable at full year rate for systematic plans)
  6. Review and process “unlocking” transactions: various provinces and the federal government have introduced legislation allowing clients access to certain locked-in funds. Incumbents must review required government and firm documents submitted prior to processing such withdrawals.  Incumbent must ensure calculation as to the withdrawals (eg: only certain amounts based on transfer transactions may be allowed). Failure to ensure accuracy of processing could result in liability to the Bank for locked-in “pension funds” incorrectly “unlocked”. 
  7. Review and process special withdrawals/transfers/transactions:   refunds of excess contributions, marriage breakdown transfers, money adjustments, internal transfers, home buyer’s and lifelong learning withdrawals, bankruptcies and CCPCs (Canadian Controlled Private Corps); review all documentation provided by the field on such transactions prior to completion of the transactions. Failure to ensure transactions comply with all applicable rules and forms required could put the Bank in a position of financial liability and reputational risk.
  8. Issue duplicate and amended tax receipts for contributions or transfers as requested by the field.
  9. Review and set up pre-authorized contribution (PAC) applications; ensure timeliness of set-ups and correction/amendments which impact clients’ accounts.
  10. Review exception/non-exception reports as assigned to ensure that transactions processed adhere to Scotia Capital and Scotiatrust procedures as well as CRA/ESDC (for RESP accounts) rules and regulations;

 

 

What you need to succeed:

  • Ability to manage multiple tasks, priorities and projects
  • Must be self-starter and independent task oriented, to work with minimum supervisor based on guidance from senior management.
  • Familiarity with regulatory/compliance aspects of registered retirement programs in particular but not limited to rules pertaining to the Canada Education Savings Grant, Canada Learning Bond, Enhanced Canada Education Savings Grant and Provincial Grants
  • Strategic and analytical attributes.
  • Excellent communication (both verbal and written) and interpersonal skills;
  • Business education and/or investment industry experience. 

 

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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