Experience 5-10 years
Qualifications Bachelor’s Degree
Though HOOPP is largely tax-exempt in Canada, it nonetheless operates within a dynamic and complex tax environment, both in Canada and in other jurisdictions in which it invests and procures goods and services. Reporting to the Senior Director, Taxation, the incumbent’s primary role will be to proactively manage and mitigate tax risks related to HOOPP’s investments, with support from, and in collaboration with, various internal and external stakeholders.
More specifically, the role is responsible for:
Deploying an effective Tax Risk Management Framework;
Assisting HOOPP’s Investment Management team in assessing investment-related tax risks by,
- Staying abreast of and evaluating the impact of changes in tax laws, through research and analysis,
- Ensuring external advisors are providing appropriate advice,
- Disseminating tax advice to HOOPP’s Investment Management teams; and
Supporting the Senior Director, Taxation with the internal oversight of key tax risks related to tax compliance, tax audits and special projects.
- With support from, and in collaboration with, various members of HOOPP divisional staff, provide leadership in the implementation and maintenance of a robust tax risk framework that is right sized for the organization and based on an assessment of current operational, financial and reputational tax risks.
- Responsible for the identification, monitoring and risk mitigation (i.e., re: structuring, transfer pricing, efficient repatriation of foreign earnings, etc., which directly impact the investment rate of return) for each investment that HOOPP undertakes in various asset classes (Real Estate, Private Equity, Infrastructure, Fixed Income, Derivatives, etc.) in collaboration with Investment Management, Legal Services and Finance.
- Identify critical restrictions that need to be adhered to in order to maintain HOOPP’s tax exempt and RPP status and establish a process to monitor restrictions on an ongoing basis.
- Provide leadership in the development and deployment of tax resources and tools to support Investment Management.
- Review all investment structures and strategies and catalog tax risk / attribute and related mitigants to ensure tax risk remains at an acceptable level.
- Stay abreast of relevant tax requirements and changes in relevant tax laws, through daily monitoring of domestic and relevant foreign sources including legislation and regulation, court rulings and published circulars. Undertake research, interpretation and analysis to address specific HOOPP tax issues. Alert other departments in Finance, Investment Management, Legal Services and other HOOPP divisions, as applicable, on an efficient and timely basis of new and changing requirements. Assist relevant HOOPP staff to ensure that tax changes are responded to with appropriate changes in HOOPP practices and processes in a timely and appropriate way. Ensure evidence of the research and impact analyses that are undertaken are appropriately documented.
- Partner with Investment Management to analyze the change in tax laws and their related impact on investment rate of returns (IRR).
- Through the above analysis, develop, propose and/or partner with external advisors and Investment Management on appropriate actions (such as restructuring investments) that need to be undertaken to minimize the impact on HOOPP’s IRR.
- Write comment letters to domestic and foreign governments to influence tax policy changes in a manner that supports HOOPP mandate.
- Partner with Investment Management to identify specific tax considerations for the new asset classes.
- Liaise with regulators, both domestic and international (e.g., CRA), peer pension plans, industry groups and other HOOPP divisions in order to discuss, interpret and, where possible, influence new, emerging and changing tax laws.
- In collaboration with Investment Management and external tax advisors, evaluate the structuring of new and existing domestic and international investment opportunities.
- Provide advice and recommendations as tax questions and issues arise, and assist in implementing changes in practices and processes, as appropriate, in collaboration with impacted teams. Create and maintain appropriate and accessible documentation to evidence the research performed and decisions made. Revisit and review these issues and provide updated advice, taking into account changes to the tax laws and the impacts to current practice. Engage external tax advisors, as required.
- Partner with Investment Management to identify specific tax considerations related to any new asset class that HOOPP enters into (i.e., Infrastructure, Re-insurance, Managed Account Platform, etc.).
- Through the above research and analysis, develop, propose and/or partner with external advisors and Investment Management on appropriate actions to be undertaken to minimize the impact on IRRs, including such actions may include to restructuring investments, proposing tax clauses to be included in limited partnership agreements, etc.
- Manage external advisors by challenging tax advice and ensuring related tax recommendations are in-line with HOOPP’s risk profile.
- Identify and present all plan level tax risks and related recommendations to reduce such risks to the Senior Director, Taxation.
- Provide oversight of the annual Tax Compliance Report for the Audit & Finance Committee.
- Assist the Senior Director, Taxation with reviews, audits, disputes, and assessments initiated and performed by the CRA and other tax authorities, domestic and foreign. Collaborate with impacted teams, as appropriate.
- Evaluate tax advice and ensure assumptions and restrictions are adhered to (e.g., directors’ meetings are held in appropriate countries, FRSA undertakings are maintained, etc.).
- Leadership Accountabilities
- Lead by example by demonstrating HOOPP’s Core Values on a consistent basis.
- Develop and maintain an insightful business partnership with internal and external stakeholders, including anticipating and responding to their needs on a proactive basis.
- Develop, monitor, and communicate the department’s goals and objectives in support of divisional performance measures.
- Ensure internal controls as they relate to tax are effective and processes are efficient through review and identification / implementation of value-add solutions.
- Lead and / or participate in Finance and HOOPP-wide projects, as required, and provide expertise with respect to tax requirements.
- Identify opportunities for ongoing collaboration within the Finance Division as well as with other divisions. Promote collaborative, effective and efficient working relationships within HOOPP, where cross-divisional roles are appreciated and valued.
What you bring:
- Excellent knowledge of Canadian, US and International tax laws
- Strong knowledge of investment products, structures, and strategies, including fixed income, equities, derivatives, real estate, infrastructure, and private equity
- Strong knowledge of pension industry and the Canadian, US and International tax law implications
- Strong network of legal and tax advisors and peers in the pension industry
- Excellent research and analysis skills
- Ability to collaborate with and influence others
- Excellent communication and presentation skills
- Excellent organizational and time management skills
- Proficient with suite of Microsoft Office products
- University degree in in Taxation, Accounting or Law
- Chartered Professional Accountant (CPA) designation (preferably CPA, CA) or
- Completed Levels I, II and II of the CPA Canada In-Depth Tax Course or
- Completion of CBA Tax Law for Lawyers
Notice for job applicants
Following the advice of Canadian health authorities, to mitigate the risk of potential spread of COVID-19 and support social distancing, all recruiting activities including interviews and new hire onboarding will be conducted online. While we are doing our best to ensure reasonable response times, please expect some delays during the recruiting process due to the current situation. Thank you for your patience and understanding during these challenging times.
For additional information on our adjusted recruitment process, please email us at firstname.lastname@example.org
Established in 1960, the Healthcare of Ontario Pension Plan (HOOPP) is a multi-employer defined benefit pension plan for Ontario’s hospital and community-based healthcare sector. We serve more than 400,000 members who provide valued healthcare services at more than 610 employers across the province. At HOOPP, we exist to provide a stable and reliable pension for our members that starts in retirement and is paid for life. As one of Canada’s largest and most respected pension plans, HOOPP’s net assets reached $104 billion at the end of 2020 and our funded status remained strong and stable at 119%.