Trying to come up with something "Toronto" to do, we chose to see a show at Second City, the home of alumni such as Gilda Radner, Martin Short, John Candy, Dan Ackroyd, and Mike Myers. Although known for its improv comedy, the show we saw was more sketch comedy, like that seen on Saturday Night Live. They did inform us that they do an improv show at 12:30 pm, however - and there is no charge for that.
The show itself, called Psychedelicatessen at this May 11 showing, was quite funny, though we felt kind of bad for the Canadians by the end. There were a number of jokes highlighting Canadian image problems in relation to its giant neighbor. All in all, though, the cast was very good, the skits were quite strange (but funny), and a good time was had at least by the two of us.
For tickets and information: http://www.secondcity.com/01_03.asp?pid=01_03_02
We did the dinner and show package, dining at Leoni's Italian Kitchen next door to the theater. The combo package cost CDN$55.29 each on a Saturday night for the 8:00 show. Prices without the family-style Italian dinner would have been CDN$26.75 each. If you buy online, you will be charged a hefty transaction fee. Our order actually got lost from online, but we had no problem buying tickets that night to get in for dinner and the show.