Toronto is a major scene for theatre and other performing arts, with more than fifty ballet and dance companies, six opera companies, two symphony orchestras and a host of theatres. The city is home to the National Ballet of Canada, the Canadian Opera Company, the Toronto Symphony Orchestra and the Canadian Stage Company. Notable performance venues include the Four Seasons Centre for the Performing Arts, Roy Thomson Hall, the Princess of Wales Theatre, the Royal Alexandra Theatre, Massey Hall, the Toronto Centre for the Arts, the Elgin and Winter Garden Theatres and the Sony Centre for the Performing Arts .Ontario Place features the world's first permanent IMAX movie theatre, the Cinesphere, as well as the Molson Amphitheatre, an open air venue for large-scale music concerts. Each summer, the Canadian Stage Company presents an outdoor Shakespeare production in Toronto's High Park called "Dream in High Park". Canada's Walk of Fame acknowledges the achievements of successful Canadians, with a series of stars on designated blocks of sidewalks along King Street and Simcoe Street.

The Distillery District is a pedestrian village containing boutiques, art galleries, restaurants, artist studios and small breweries, including the well known Mill Street Brewery. A new theatre in the district, the Young Centre for the Performing Arts, is the home of the Soulpepper Theatre Company and the drama productions of nearby George Brown College.
The production of domestic and foreign film and television is a major local industry. Many movie releases are screened in Toronto before wider release in North America. The Toronto International Film Festival is one of the most important annual events for the international film industry. Europe's largest film studio, Pinewood Studios Group of London, is scheduled to open a major new film studio complex in west end Toronto, with five sound stages, with the first two to open by fall 2008.
Toronto's Caribana festival takes place from mid July to early August of every summer, and is one of North America's largest street festivals.Primarily based on the Trinidad and Tobago Carnival, the first Caribana took place in 1967 when the city's Caribbean community celebrated Canada's Centennial. More than forty years later, it has grown to attract one million people to Toronto's Lake Shore Boulevard annually. Tourism for the festival is in the hundred thousands, and each year, the event generates over $400 million in revenue into Ontario's economy.
Pride Week in Toronto takes place in late June, and is one of the largest LGBT festivals in the world. One of the largest events in the city, it attracts more than one million people from around the world. Toronto is a major centre for gay and lesbian culture and entertainment, and the gay village is located in the Church and Wellesley area of downtown.