Payroll Specialist

Take a central role

The Bank of Canada has a vision to be a leading central bank—dynamic, engaged and trusted—committed to a better Canada. No other employer in the country offers you the unique opportunity to work at the very center of Canada’s economy, in an organization with significant impact on the economic and financial well-being of all Canadians. You will be challenged, energized and motivated to excel in our environment. 

Building on the principles that have always guided us – excellence, integrity and respect – we strive to be forward-looking and innovative, to welcome people with diverse perspectives and talents, and to earn trust by living up to our commitments and by clearly explaining the intent of our policies and actions.  

With our defined-benefit pension plan, benefits, and high flexibility for work life balance - find out more about why we are annually ranked as one of Canada's top employers:  Working Here - Bank of Canada

Find out more about the next steps in our Recruitment process. 

About the position
We are seeking a talented Payroll Analyst to join our HR – Payroll Services team! Whether you have experience working in payroll or are interested in transitioning from a related field such as finance or accounting, we welcome and encourage your application.

Led by the Manager, Payroll Services you will join a dynamic and diverse team of payroll analysts who collaborate to ensure a high-level of operational effectiveness and process improvement within the end-to-end payroll process. Our team is vital in ensuring all payroll operations at the Bank of Canada occur in a timely, and accurate fashion. We are also exploring a shift to new payroll technologies and modernization of SAP HCM to fully digitize our HR systems and process. This is a unique opportunity to collaborate and learn with top-notch internal and external partners engaging on modernized payroll initiatives that make a real impact at Canada’s Central Bank!

Further, you will have the full support of your leader and teammates to enhance your skills, experiment, and further your career through our customizable Learning & Development programs across various domains (HR, SAP, Payroll, Analytics, etc.) and relevant certifications.

What you will do
You will be responsible for the administration and reconciliation of the bi-weekly, monthly, and quarterly payroll for employees, pensioners, and Board of Directors. This includes processing routine payroll transactions, including gross-to-net calculations, before and after-tax payroll statutory and non-statutory deductions, and other related transactions.

In addition, you will:

• Prepare Records of Employment (ROE) in accordance with Service Canada requirements
• Complete all post-payroll activities, including remittance of statutory and non-statutory deductions to third parties.
• Ensure compliance with CRA and RQ requirements, ensuring that all tax remittances are balanced and remitted as per the established schedules to avoid late assessment penalties.
• Complete the month-end and quarterly processing and reconciliation activities, including balancing the current, month-to-date, and year-to- date payroll registers, monthly reconciliation of pension payments, and ensuring vendor invoices are paid in accordance with processing schedules.
• Provide recommendations and input for system improvements and conduct user acceptance testing and validation for approved SAP HR/Payroll system changes prior to implementation in the Production environment.
• Identify and resolve variations of transactional problems or inquiries and escalated questions or issues from Client Service Representatives/Specialists or other Payroll resources (e.g., over/under payment situations, tuition entitlements, off-cycle payments, policy applications and implications).

What you need to succeed
You are a self-starter with the ability to set priorities, stay organized, and ensure deliverables are achieved.

Further, you have excellent communication skills (both written and verbal, ideally in both official languages) with the ability to work collaboratively with cross-functional teams to meet tight deadlines, manage competing priorities and support the achievement of shared objectives.

In addition, you have:

• An interest in learning new technology, with an analytical mindset and ability to analyze complex data and processes accurately, identify discrepancies, and improve processes as necessary.
• Knowledge of regulatory and legislative requirements related to payroll processing, e.g.: income tax, employer health tax and worker's compensation, employment insurance, garnishments, Canada Labour Code, etc.
• Strong skills in Excel to develop detailed payroll reports and any data manipulation.

Nice to have:

• Relevant certifications/designations (Payroll Compliance Practitioner (PCP) Certification, etc.) or willingness to pursue in the near future (2-3 years)
• Experience in SAP Payroll and Reporting/Analytics
• Knowledge of HR best practices including payroll, pension, and/or benefits
• Knowledge of Microsoft Excel functionalities

Your education and experience
Your combined education and work experience demonstrate that you have the competencies and skills for the position. We are ideally seeking candidates with a post-secondary degree in a relevant field (e.g., business administration, HR, accounting, etc.) and a minimum of 3 years of relevant experience within the payroll, finance, accounting areas.
 

What you need to know

• Language requirement: English and French essential (bilingual) with a minimum starting level of functional (level 4) in second official language. Training may be provided to help reach the required level of fully functional (level 5) in second official language.
• Priority will be given to Canadian citizens and permanent residents
• Security level required: Be eligible to obtain Reliability 
• Relocation assistance may be provided, if required
• Please save a copy of the job poster. Once the closing date has passed, it will no longer be available.
• The official title for this position is “Payroll Specialist ” 
• This poster maybe used to fill other vacancies as required.
   

Hybrid Work Model

The Bank offers work arrangements that provide employees with flexibility, enable high-performing teams, and support an excellent workplace culture. Most employees can telework from home for a substantial part of each month as part of the Bank`s hybrid work model, and they are expected on site at the Bank location a minimum of eight days per month to help build connections between colleagues. You must live in Canada, and within reasonable commuting distance of the office.

What you can expect from us
This is a great opportunity to join a leading organization and be part of a high-performing team. We offer a competitive compensation and benefits package designed to meet your needs at every stage of your life and career. For more information on key benefits please visit A great deal to consider. 

• Salaries are based on qualifications and experience and typically range from $69,300 to $81,530 (job grade 14)
• The Bank offers an incentive for successfully meeting expectations at  5 to 7% of your base salary. The Bank offers performance pay for those who exceed expectations (10% of your base salary).. Exceptional performers who far exceed expectations may be eligible for higher performance pay.
• Flexible and comprehensive benefits so you can choose the level of health, dental disability and life and/or accident insurance coverage that meets your needs
• Extra vacation days (up to five each year) that you can purchase to add to your vacation entitlement
• Indexed, defined-benefit pension

We wish to thank all applicants for their interest and effort in applying for this position. Only candidates selected for interviews will be contacted.