I'm going to be finishing my master's degree in computer science soon, and am interested in pursuing entrepreneurship. I'm currently based in Montreal, but for personal reasons, am considering moving to Toronto after I finish my degree. In Montreal, I know there are many resources to help young entrepreneurs, including the following:
Democamp is probably the best place to meet the most people in one evening. Start there and get some introductions. A few other suggestions...
Ryerson Digital Media Zone - http://digitalmediazone.ryerson.ca/ - open to more than just Ryerson students and alumni. They have space for promising projects.
http://www.Davidcrow.ca - read back through his blog posts and you will find just about everything that has happened or is happening here.
Advisory services at marsdd.com, venturelab.ca (Markham / York Region) and riccentre.ca (Mississauga) once you are past the idea stage. MaRS has posted a lot of their material from courses and events on-line.
Techvibes.com has reasonable coverage of Toronto events in addition to StartupNorth.ca as suggested.
Extreme U at Extreme Venture Partners extremevp.com/extreme-university-2011/
This blog has some interesting posts from time to time...
People in Toronto know people in Montreal, ask your network in Montreal for some introductions.
Also make sure to take a look and get involved with the C100. They're a great group of people who have a lot to offer, and can help you find a mentor. On top of that, a lot of independents, both consultants and startup creators hang out at the following coffee shops:
Dark Horse, Spadina
Aroma, Bathurst and Bloor-ish
Linux cafe, Harbord and Grace
Finally, don't forget Betty's, on King Street, it's a great pub in the middle of a bustling Toronto tech area. People from Alias (now Autodesk), SAS, PlateSpin, Monster, VMLogix, Stars/DKP, and other smaller ventures hang out there - we have for years.
There are lots of resources for entrepreneurs in Toronto. I won't repeat what others have written above but will add a few resources to the mix.