Of course apply at the same time. But U of T is a little bit competitive. You can try. As to whether they recognize your degree or not, it depends heavily on your university. If it is famous, it will be good for you. Also you need to have the "hardware", for example, three or four papers on IEEE. Otherwise it will be extremely difficult, I know U of T has a facaulty position open, and about one hundreds candidates apply, all PH.D holder in here.