In 1811, at Montreal, Torrance had married Elizabeth Fisher (1794–1862), the daughter of Catherine (née Embury) Fisher and Duncan Fisher, an American merchant who settled in Montreal after the Revolution.
 Elizabeth's maternal grandfather, Philip Embury, was the founder of Methodism in the United States.
In their marriage contract, Torrance made a provision of £1,000 to her should she outlive him, an indication of his early success as he was only 25 at the time.
 Together, the Torrances were the parents of fifteen children, including:
Jane Torrance (1812–1875), who married her first cousin and the business partner of her father, David Torrance, president of the Bank of Montreal.

Daniel Torrance (1815–1885), who married Sophia Johnson Vanderbilt (1825–1912), daughter of Commodore Cornelius Vanderbilt.

Elliot Torrance (1828–1850), who married Sir Alexander Tilloch Galt, the first Canadian Minister of Finance.

Mary Eakin Torrance (1831–1907).

Amy Gordon Torrance (1834–1911), who married her elder sister Elliot's widower after her death in 1850.

Alexander Hutchison Torrance (1837–1880).

Torrance died on January 20, 1870 in Montreal.
 Upon his death, the Montreal Gazette called him, "one of our wealthiest citizens."
His fortune was divided among his many children and his businesses were continued by his nephew, David.
In 1811, at Montreal, Torrance had married Elizabeth Fisher (1794–1862), the daughter of Catherine (née Embury) Fisher and Duncan Fisher, an American merchant who settled in Montreal after the Revolution.  Elizabeth's maternal grandfather, Philip Embury, was the founder of Methodism in the United States. In their marriage contract, Torrance made a provision of £1,000 to her should she outlive him, an indication of his early success as he was only 25 at the time.  Together, the Torrances were the parents of fifteen children, including:
Jane Torrance (1812–1875), who married her first cousin and the business partner of her father, David Torrance, president of the Bank of Montreal.
Daniel Torrance (1815–1885), who married Sophia Johnson Vanderbilt (1825–1912), daughter of Commodore Cornelius Vanderbilt.
Elliot Torrance (1828–1850), who married Sir Alexander Tilloch Galt, the first Canadian Minister of Finance.
Mary Eakin Torrance (1831–1907).
Amy Gordon Torrance (1834–1911), who married her elder sister Elliot's widower after her death in 1850.
Alexander Hutchison Torrance (1837–1880).
Torrance died on January 20, 1870 in Montreal.  Upon his death, the Montreal Gazette called him, "one of our wealthiest citizens." His fortune was divided among his many children and his businesses were continued by his nephew, David.
John Torrance