Taxis 

Taxis are probably the most expensive way to traverse the city, but they come in handy when you are in a rush or have a lot of luggage in tow. As of July 2006, taxis have a meter drop fare of $3.00 to start your ride, with an additional $0.25 for every following 0.17 km (about two blocks) or for every 30 seconds idling. In addition, there is an extra charge for more than 4 passengers, $0.20 each additional person. GST (Goods and Services Tax) is included in the fare. Tipping runs at 15-20%, and although some cabs accept credit cards or debit card payment, cash is the safest choice. Fares are regulated by the city, so all taxis will have the same fares. For shorter distances, it may be more economical to share a cab among a few people than to pay separately for other forms of public transportation. Trips outside of the city are often unmetered, negiotiate a fare with the driver beforehand.

Taxis in the downtown area are relatively easy to catch just by standing on the curb of any major street and waving at an approaching cab with its rooftop light on. The light is turned off when already engaged. Also, major hotels often have a line of cabs waiting outside. In more residential or industrial areas you may need to call a cab in advance, and be prepared to wait up to fifteen minutes for its arrival.

Most taxis are midsized American and Japanese sedans that will seat four passengers.  The most common models in use are the Ford Taurus, Toyota Camry, Ford Crown Victoria, and Chevrolet Impala. Minivan taxis are rarer, it is best to call in advance if you need one. Taxis are generally in good shape, and all are less than 5 years old. It is illegal for city taxis to make pickups at the airport, although some do anyway.  It is best to avoid taking a city taxi from the airport, as the police sometimes wait outside the airport and pull them over as they leave.  Use an official airport taxi or limo instead. City taxis are allowed to drop off passengers at the airport, however. Occasionally, taxis from outlying suburbs pick up fares in the city.  This is illegal and should be avoided.  

Rental Cars

Traffic in Toronto can be heavy and parking is expensive.  You can walk between many of the major attractions downtown, and most others are reachable by public transit.  If you plan on staying mostly in the downtown core or near the major subway lines, then you can skip the car rental and buy a daily TTC pass or a bunch of tickets.  Otherwise, if any part of your trip involves travelling outside of the major TTC areas, then rent a car.

Renting a Car at the Airport 

At Toronto Pearson International Airport, most of the major rental car companies have a counter.  You have to follow the exit signs carefully otherwise, you might end up in another car rental agencies' area.

Renting a Car Downtown

It's best to reserve before you get there, especially if you have strict or special car or budgetary needs and if you are renting a car around the holidays.

At Union Station, if you arrive by VIA Rail or GO Transit or TTC, there are a number of rental car places on-site and within as a short walking distance.  National and Hertz and Avis are on-site.  Budget is within walking distance.  You can only enter the Budget agency from one side of the street upon returning the vehicle (there is an island separating the traffic), so plan this accordingly.

At the bus terminal (Toronto Coach Terminal, at Bay St. and Dundas St. West), there are 2 car rental agencies within walking distance.  Budget is one of them.

Driving in the Toronto Area

Toronto’s grid system is relatively easy to navigate, and major streets are marked clearly on traffic signs along the major highways. However, streets are named, not numbered, so a map is essential. Speed limits are generally posted (in km/h) on every street; where not posted, the speed limit on arterial streets is 50 km/h (30 mph). 

It is important to note that streetcars stop in the centre lane to pick up and drop off passengers.  The law requires you to stop if a streetcar going in your direction opens its doors in front of you. 

Parking

Parking prices are exhorbitant in downtown Toronto, especially if you're not used to big city rates.

Most of the downtown hotels have valet parking which includes in and out privileges all day.  This is particularly useful if you have a number of events and destinations to get to throughout  throughout any one single day of your stay. stay.  Usually, non-valet, self-parking will require only two (2) trips outside of the hotel using the car before you would have been better off going with valet parking.

There are public parking garages and lots throughout the city.  Green P (the parking agency run by the city, often with the most affordable rates) and Impark have many convenient locations.

Street parking is permitted where signs say so.  Parking meters in Toronto operate differently than in some other North American cities, they print a ticket that you are required to place on your dashboard.  In many residential areas, a permit is required to park on the street, so check the signs beforehand.