Toronto is the most populous city in Canada and the provincial capital of Ontario. It is located in Southern Ontario on the northwestern shore of Lake Ontario. The history of Toronto began in the late 18th century when the British Crown purchased its land from the Mississaugas of the New Credit. The British established a settlement there, called the Town of York, which its lieutenant governor, John Graves Simcoe, designated as the capital of Upper Canada. The city was ransacked in the Battle of York during the War of 1812. In 1834, York was incorporated as a city and renamed Toronto. It was damaged in two huge fires in 1849 and 1904. Over the years, Toronto has expanded its borders several times through amalgamation with surrounding municipalities, most recently in 1998.
Toronto is at the heart of the Greater Toronto Area, and of the densely populated region in Southern Ontario known as the Golden Horseshoe. Its cosmopolitan and international population reflects its role as an important destination for immigrants to Canada. Toronto is one of the world’s most diverse cities by percentage of non-native-born residents, with about 49% of the population born outside Canada. As Canada’s commercial capital, it is home to the Toronto Stock Exchange and the five largest banks in the nation.