The Supreme Court of Canada, in the 1998 decision on Reference re: Secession of Quebec (RSQ) outlined the conditions that must be met before a section of the country can separate from the rest. One of the most important steps is a referendum giving citizens the opportunity to clearly express their view on separation. The RSQ provided that a portion of a province can separate from the rest of the province based on the result of the referendum.

Toronto likely would require one term of council, three years, soon to be four, to make the preparations necessary to hold a fair and adequate referendum. Preparations would also include the drafting of a constitution setting out the division of power between the new province of Toronto and its constituent city (cities) that would be created to run local government(s). Subsequent negotiations would be required to determine the division of obligations, assets and liabilities between the province of Toronto and the province of Ontario.
Nobody is looking to pick a fight with Ontarians who live outside Toronto; they are our friends, relatives and co-workers. Torontonians are not looking to walk away from Ontario's existing debt, but we would require fair consideration for the significant contributions Toronto has made to Ontario, especially in recent decades. Negotiations would also be necessary with the federal government.