Career Paths for Mathematics and Physics
For grad school applications, after making it through GRE cuts, the biggest decider will be the research that you've done. You'll want to develop programming skills in multiple languages, even if they don't cover them in class. For math and physics, MATLAB, Mathematica, and R are the most commonly used languages. If you don't find any research opportunities at Toronto, look for REU programs in the summer elsewhere. A math/physics degree can get you into grad school for math, physics, all manner of engineering (I went from astrophysics to aerospace engineering), chemistry. There are probably others as well. 

Outside of grad school, the options are pretty varied. Again, if you can program that will open many more doors. My friends from undergrad in physics went on into banking/economics, General Electric, CERN, Seagate, Boeing, Lockheed Martin, the air force, and NASA. The majority, however, went to grad school. That keeps all those former options open, but also opens up the academic track (becoming a professor or a research scientist at all kinds of places like NIST or NOAA, but there are hundreds).