Access to the platform is open from the square itself, or from the north side of the mall to the west of the station.

Just south of the station is the Shops at Waterloo Square shopping mall; other nearby institutions include the Centre for International Governance Innovation, the Canadian Clay and Glass Gallery, and the Perimeter Institute for Theoretical Physics.

Much of the Grand Trunk (and later Canadian National) Waterloo station, including the freight warehouse, was gradually demolished after regular passenger service ended in 1934.

The final passenger station, built in 1910 and located slightly to the east along the Waterloo Spur, has survived, and today is a heritage structure.

With the increase in traffic along the line due to the launch of Ion service, WCR operations were moved north to a new terminus near Northfield station.