Thanks, Thomas M. Daniels.
The area was first settled in the 19th century, when it was known as Newburg's Landing. When the railway was built, however, the area's name was changed to Sloanes Station. In 1881, after a vote, the town was incorporated under its present name. This was taken from the much larger Toronto, Ontario, Canada, which civic leader Thomas M. Daniels felt was a place worth emulating.
From wikipedia's preamble about Toronto, Ohio: