People who live in Toronto are boring, quite conservative, their food is dry, and they consider themselves inferior to Americans.... Or at least this is what The Economist magazine would have the world believe.
Economist.com has a pretty comprehensive City Guide covering every major city in the world that does international business. The "Insider Tips" section has a page on business etiquette. It is insightful, because the tips are written for an international audience, so it's blunt... and certainly not watered down for our own consumption.
Here are some of my favourites (bold captions are mine :):
Don't rock the boat
"Risk-taking and unconventional thinking do not tend to be the norm. In general, expect your business contacts to be cautious, and to value organisation and detail."
Talk about the weather
"There is a tendency to keep business and private life firmly apart. Don't, therefore, expect to be questioned about your family or recent holiday, or to be invited for post-work drinks. Small talk at the outset of a meeting may centre around the weather (Toronto has excessively cold winters and hot and humid summers)."
Don't bog down the economic engine
"Toronto is a work-oriented city. Fewer than half its workers take their full holiday entitlement, and emphasis is placed on professionalism and efficiency. Try to get to meetings on time, respond to calls and e-mails promptly and expect a swift action plan once negotiations are
complete."
Brown-bag the business lunch
"Unless your host indicates otherwise, stick to sparkling mineral water during a business lunch; midday meals here tend to be dry."
Learn to put up with whiny Leaf fans
"Ice hockey is a local passion. Toronto's home team, the Maple Leafs, are simultaneously loved and loathed by locals, most of whom support the team despite its failure to win the Stanley Cup, the sport's top prize, since 1967."
The winter sucks
"If you're visiting Toronto in the middle of winter, bring well-made, cold-weather garb; a trench coat won’t cut it during the colder months. And be sure to pack business shoes to change into once indoors; attending meetings in heavy furry boots may attract raised eyebrows."
Just be safe and steer clear of political discussion
"Many Canadians nurture both inferiority and superiority complexes about America. Tread carefully."
Compare Toronto's business culture with that of say, Bejing, where building personal relationships are valued in business, and both hands are used to present your business card lest you be impolite!