The collision occurred at Royal York Road and Lawrence Avenue West shortly before 8:30 a.m.
A 23-year-old man was driving a cab that was stolen earlier in a fare dispute. The cab ran a red light at Lawrence Avenue and struck a Ford Escape and a pick up truck, according to police.
A 60-year-old father and 39-year-old daughter were in the Ford. The father was killed and the woman suffered traumatic, life-threatening injuries and is in critical condition.
The 42-year-old man from the pick up truck was also taken to hopsital with what appeared to be minor injuries.
The driver of a stolen cab suffered minor injuries and fled the scene but was arrested nearby.
Power lines were down and lights were out at the intersection, which remains closed while police investigate.