April 4, 2013

Page 1

the newspaper

The University of Toronto’s Independent Weekly

Since 1978

VOL XXXV Issue 27 • April 4, 2013

0% percent down! 0% percent interest!

U of T lures top faculty with interest-free deals A substantial paycheck and tenure at a storied university does not appear to be enough to retain top-level faculty, a recent Freedom of Information request suggests. The University of Toronto administration has been offering large, interest-free mortgages to staff members. In accordance with the FOI act, the U of T detailed a list of mortgages valued over $65 000 that it provided to unnamed persons employed by the University. A U of T alum filed the

request when researching a similar practice at the University of British Columbia. Interested in how widespread the practice was, he filed a request for the same information from the U of T. The subsequent response displayed 25 interestfree mortgages that the University granted members of various faculties. When questioned about the issue by the newspaper, VP equity and human resources, Angela Hildyard stated that, “the provision of an interestfree mortgage loan is very occasionally an essential com-

ponent of a recruitment or retention arrangement.” Despite not paying any interest on the loan, Hildyard points out that recipients are taxed in accordance with Revenue Canada’s understanding of the loans as a fully taxable benefit. More specifically, the University’s response to the FOI indicates that “interest on the outstanding loan is reported annually.” When asked about the source of the money, Hildyard said they are assessed and granted on a faculty basis, as they are responsible for com-

Student Commons coming soon 60 year-old idea almost ready for plan Yukon Damov After eight years of negotiations, it appears as if students will have to wait just over 18 months before they stroll into the new Student Commons. University of Toronto administration and the University of Toronto Students’ Union both agree that they are nearing an agreement, possibly as soon as Friday. “We’re still in the negotiating process, but we’re nearing the end,” said UTSU president Shaun Shepherd.

Shepherd’s optimism is shared by U of T vice-president, operations, Scott Mabury. “I believe the ‘agreement’ is close to being final as we are exchanging near final language on the last remaining items.” “Once the agreement is finalized and signed I expect the ‘project planning report’ for the renovation of 230 College Street would begin the journey through governance for approval,” continued Mabury. ”Once we have approval then an architect selection process begins…the architects will

work with the project committee to design the project which will be tendered for a contractor who will do the work.” While the idea for a centralized student space dates back to just after World War Two, the Student Commons’ latest iteration has been in development since 2005, when the university administration struck a planning committee to review the current model of atomized student-activity space. In 2008, students voted in an UTSU referendum to pay $20 million of

continued page 2

pensating staff. Thus, a pertinent further question is why so little information was revealed through the FOI request. No names or payment periods are provided, only the list of loans made at zero per cent interest, some as high as $300 000. To this, Hildyard commented, “The information was provided in accordance with the FOI request and in accordance with FOI law.” Despite the strange opacity that enshrouds the destination of student funds, the practice is widespread. UBC offers the

same kind compensation to its senior staff. A similar FOI request unearthed $11.8m in loans made to employees at the west-coast institution. Included in their slightly more detailed response were the names of the recipients as well as the amounts remaining on their principal. As reported in Ubyssey, the UBC student publication, the school’s administration similarly defends the practice by saying that it is a crucial tool used to attract and retain top-

continued page 2

BRITTANY ARJUNE

Emerson Vandenberg


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.