Toronto is a city in Canada.
Toronto is the most populous city in Canada and the provincial capital of Ontario . A global city , Toronto is an international centre of business , finance , arts , and culture , and is recognized as one of the most multicultural and cosmopolitan cities in the world . York was renamed and incorporated as the city of Toronto in 1834 , and became the capital of the province of Ontario during Canadian Confederation in 1867 . Located in Southern Ontario on the northwestern shore of Lake Ontario , Toronto is situated on a broad sloping plateau intersected by an extensive network of rivers , deep ravines , and urban forest , with 140 independently unique and clearly defined official neighbourhoods making up the city . As Canada 's commercial capital , the city is home to the Toronto Stock Exchange , the headquarters of Canada 's five largest banks , and the headquarters of many large Canadian and multinational corporations .