Tax and Compensation Advice for Potential Recruits
PDAD&C #39, 2001-2002
M E M O R A N D U M
|TO:||Principals, Deans, Academic Directors and Chairs|
|FROM:||Vivek Goel, Vice-Provost, Faculty|
Angela Hildyard, Vice-President, Human Resources
|DATE:||February 28, 2002|
|RE:||Tax and Compensation Advice for Potential Recruits|
At today's PDAD&C meeting we announced the availability of tax and financial consulting for potential recruits. This service will be provided through the Human Resources Department. The attached information sheet outlines this service and it may be accessed. The Provost's office is supporting the costs of this service. The cost of an individual consultation will be $285 per hour. This cost will be recovered by HR from your departments.
We also remind you that salary comparison data and basic cost of living comparisons were provided in your recruitment kits sent out last fall. We are able to generate point-to-point cost of living comparisons for individual recruits for specific salaries. These comparisons are available at a cost of $340. In order to get more information on this please contact Michelle Broderick in the Office of the Vice-Provost, Planning and Budget. Michelle can be reached by email at email@example.com.
FACULTY RECRUITMENT AND INDIVIDUAL TAX CONSULTING/FINANCIAL PLANNING ADVICE
In the fall of 2001, the Human Resources Department, in collaboration with the Provost's Office, agreed to increase the support to the faculty recruitment effort by providing more in-depth information on tax issues and financial planning - on a consulting basis - to potential recruits.
In early January of this year, Human Resources sent out a Request For Proposal (RFP) to 14 companies who specialize in providing tax advice and financial planning within Canada and internationally. Ten companies responded to the RFP, and an advisory committee reviewed the proposals and short-listed the group to five firms. These five firms were interviewed last week. After careful consideration of each company's strengths and weakness, the committee unanimously recommended the firm of Green, Chencinski, Starkman, Eles (LLP) - Chartered Accountants.
Effective immediately, we have entered into a contractual arrangement with this firm to assist you in your recruitment efforts, and the Provost's office has agreed to share the cost of this service with departments and divisions.
GCSE is an accounting firm of approximately 20 partners and staff, who have previously provided similar advice to the University on an ad hoc basis. They are located at Yonge and Sheppard, and are available by telephone, fax or email, and can also arrange for in-person consultations where required. The two principle service providers for the U of T contract are Mr. Laurie Starkman and Mr. Aki Chencinski, who together have more than 30 years of tax consulting experience. For more detailed information on the firm and its partners, consult the GCSE web site at www.gcse-ca.com.
GCSE is available to assist potential recruits by assessing the impact of moving from their current economic environment to the Toronto area, including topics such as filing dual tax returns, tax treatment of foreign investment income, tax issues when family income is split between two countries and assessing the differences between the Canadian tax system and other countries. The GCSE team may provide advice directly to the Dean or Chair of the department, or directly to the recruit when referred by the Dean or Chair.
Jan Nolan's office will continue to support your recruitment efforts through the Faculty Relocation and Support Program (FRSP). However, if you have tax questions, you can contact Donna Deak, Benefits Specialist, Human Resources Department. Donna will work closely with Jan's office during the initial phase of GCSE's involvement with the University, and will contact GCSE to get answers to your questions, or put you in touch with them directly, depending on your needs. To help facilitate this process, we have established a unique email address should the Dean or Chair wish to communicate by email to obtain assistance with tax/financial planning or pension or benefit questions. The email address - firstname.lastname@example.org - is available as of Monday, March 4th and will be monitored on a daily basis and referred as appropriate for response.
After this recruitment cycle, we will work with GCSE to establish a series of more common questions and answers that will assist future recruitment efforts.