In an email sent to CP24, Lyft spokesperson Daniel Moulton said the expansion will be bringing a "new affordable transportation option" to Toronto consumers.
Lyft is expanding into territory that has been long occupied by Uber.
There isn't an exact date for Lyft cars to be out on Toronto's streets, but the company said operations should begin around the holiday season, and first-time users will be treated to their first trip gratis. Meanwhile, Uber has faced a series of civil lawsuits and executive turnover.
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Last year, Toronto approved rules that would allow ride-hailing services to operate, after earlier clashes between Uber, regulators and traditional taxis.
Lyft is offering incentives for new drivers in Toronto, including a 25 percent driver bonus on all rides for the first three months for certain qualified drivers, and bonus credits of C$200 ($157) for referring friends to drive for Lyft.
In 2017, Lyft expanded to cover around 94 percent of US residents, up from around 60 percent at the start of the year, with multiple new markets added across the country.
This year, Lyft has raised $1.6bn in financing, with contributions from Alphabet's investment arm and Canada's Public Sector Pension Investment Board, among others.