Hamilton’s Kwasi Poku had an opportunity to extend the penalty shootout but his blast from the spot clanged off the crossbar and sent Toronto’s players and fans into a frenzied celebration.
It is TFC’s eighth Voyageurs’ Cup victory.
Soccer fans from each city waited two years to watch their teams compete for Canadian soccer supremacy and they were treated to a spirited affair.
After a scoreless first half, Alejandro Pozuelo opened the scoring for Toronto in the 58th minute when he curled a shot into the top corner from just outside the 18-yard box for a 1-0 lead.
But just two minutes later, Tristan Borges offered a left-footed volley that found the corner of the goal to pull the two-time Canadian Premier League champions even.
Borges had the best chance to open the scoring in the first half but his thundering attempt from the penalty spot in the 21st minute slammed off the crossbar.
The 23-year-old Borges, a Toronto native, also had an opportunity at goal in the seventh minute on a free kick from 25 yards out but his effort was stopped by a diving TFC keeper Quentin Westberg.
Toronto nearly bagged a goal in the 27th minute when Lukas Macnaughton’s header from just outside the six-yard box was neatly corralled by Forge keeper Tristan Henry.
Terran Campbell had two glorious chances in front of the TFC net in the 38th and 71st minutes but Westberg was equal to the task each time.
The 2020 Canadian Championship, which drew 13,715 fans to Hamilton’s stadium on a clear and mild evening, was postponed due to the COVID-19 pandemic.
Forge was the first Canadian Premier League team to qualify for the championship game after they claimed the 2020 CPL title.
Toronto FC secured a spot in the Canadian Championship after beating out the Montreal Impact and Vancouver Whitecaps during the 2020 season.