Hi,
Its an easy process to get it, http://www.torontoport.com/Port/Power-Vessel-Operators-Permit.aspx
. It involves a multiple choice test on basic boat operating (if you pass the boaters operator card you can pass this) and an open water man overboard practical test using a small Boston whaler with your classmates
Tests take place on Thursdays from the outer harbour marina off leslie spit. and you have to reserve a spot and pick up the paperwork or have it mailed before so you can study.
You are subject to a fine if you operate in the port of Toronto which extends east to the water filtration plant at Queen and Victoria park and all the way to Humber river about 2 miles offshore. http://www.torontoport.com/TorontoPortAuthority/media/TPASiteAssets/port/yurisdiction.png
As to whether or not the fishing is worth it, I got mine about 3 weeks ago so I could take the family to centre island, but I also heard the bass and pike fishing around Toronto islands is amazing. I used to launch out of the public launch at ashbridges and I didn't know it at the time but I should have had the permit at the time. No one ever stopped me, I think it's a case of dont be a fool on the water and you won't be bothered though
$30 and a morning is all it takes.
Good luck