You don’t have to pay off the loan just call your lien holder (bank) and tell them you need an authorization letter since you are exporting the car to Canada. This is an official signed and notarized letter that they send you giving you permission to export the car while still under lien.
Then contact a car moving service (search for auto-transport) they do this a lot and know it like the back of their hand. They will send you a list of documents needed to export your car to Canada. It’s a pretty short list but the big one is a recall clearance letter from the car company. Again google and you’ll find the number to call about this for your car. This letter must say there are no recalls on the car and this is needed by Canada.
You will also need day time running lights but don’t worry about these any garage in Toronto will install them for about 100 CAD. Nothing else is needed.
Public transport is very solid in Toronto you can pick between the subway, street car (tram), bus, docked bike share, Lyft, Uber, Cab or just walk its very walkable.
Like @anshul.v.joshi said getting your license exchanged is pretty easy the government has offices all over called “Service Ontario” most will handle it. I know the one in the middle of downtown (Nathan Phillips Sq) handles it I went there. If you can carry along your driving history (Ask your DMV) then you can get credit for all the years of driving you did in the US. For me they had some issue connecting to the California system and only gave me credit for 3 years. The more years of driving credit you have the lower your insurance rates.
There is a government program in place to guarantee credit to new comes when you goto a bank like RBC mention you are a newcomer and would like to get a credit card under this program.
Yes @srhere car insurance rates are high so you’ll have to call around to get a good deal, install some tracking device in your car, etc to bring those down a little.
I’m not really a car person but I choose to bring mine over since it’s an SUV and we had planned to explore Canada. Also with kids I imagined it would be useful in the winter. The first 6 months (over the first winter) I didn’t touch it. Took the streetcar, Uber or walked we live close to downtown, kids school is just down the street etc. If you plan to live further away from downtown Toronto then I would say you’ll need that car.