It is located in Downtown Toronto on the second floor of the south tower of CIBC Square, on the northeast corner of Bay Street and Lake Shore Boulevard.

The terminal currently serves GO Transit regional buses as well as Coach Canada, Greyhound Lines and Ontario Northland long-distance bus services, among others.

[3][4] Owned by the provincial Crown agency Metrolinx, the terminal is connected by pedestrian walkways to the adjacent Union Station, Canada's busiest transportation hub.

[6][7] From the 1970s to the 1990s, the Toronto hub for GO Transit bus services was the Elizabeth Street annex to the Toronto Coach Terminal at Bay and Dundas Streets, with some routes also stopping curb-side at the Union Station train terminal, or the Royal York Hotel opposite it, from the inception of the GO Bus service on September 8, 1970.

[9] Given the traffic congestion and subsequent delays to service, a dedicated bus terminal close to Union Station was required.

In 2003, GO Transit officially opened a dedicated Union Station bus terminal at 141 Bay Street at a cost of $9 million on December 5.

[6] Negotiations with intercity coach services first began in 2012, when the relocation of the Union Station Bus Terminal to the future CIBC Square was being planned.

[17][18] Intercity bus operators stated that they were in favour of moving from the Toronto Coach Terminal, as a location closer to the Gardiner Expressway would reduce journey times.

US-based Greyhound Lines began cross-border Toronto–Buffalo routes in November 2021, after COVID-19 pandemic–related Canada–United States border restrictions were relaxed.

In late May 2021, the East Bay Teamway reopened, providing a direct indoor connection between the new bus terminal and GO Transit rail services on tracks 4 to 13.

The terminal is housed within the 48-storey south tower of the CIBC Square office development and is directly connected to Union Station via Scotiabank Arena (accessed by an enclosed pedestrian bridge over Bay Street, which is part of the city's Path indoor pedestrian network), which lies adjacent to Union Station itself.

Gate assignments appear on digital screens 10 minutes before bus departure, followed by an audio announcement on the PA system.

Glass gate doors separating the waiting area from the platform open only when buses are ready to load passengers.

[42] GO Transit provides bus routes connecting to various cities and towns across the Greater Toronto and Hamilton Area.

The Bay East Teamway provides a direct indoor connection to tracks 4 to 13 used by GO Transit rail services.

[49] Porter Airlines operates a shuttle bus service to Billy Bishop Toronto City Airport from the intersection of Front and York Streets, northwest of Union Station.