Police were called to Yonge and Dundas Streets around 7:23 p.m. for knife reports.
An adult man was rushed to hospital with serious, potentially life-threatening injuries, Toronto’s Paramedic Services said.
Police later said he had life-threatening injuries.
The knife took place just outside the busy northeast corner of Eaton Center as crowds were outside to enjoy the evening.
According to police, one suspect was taken into custody over the incident.
Police are asking any witnesses to contact investigators.