The exact date and location are yet to be determined, but the match is currently slated to take place early next year due to consideration of club and league schedules.
The stakes for the matchup are high, as the winner will clinch qualification for the 2021 Concacaf Champions League.
It will mark the first time Toronto have faced Forge FC, which qualified for the CanChamp Final after winning the league's shortened 2020 season, known as the Island Games. The Canadian Premier League is Canada's first division, launching its inaugural season in 2019 and currently features eight teams.
Toronto FC, meanwhile, earned their spot in the final by finishing first among all the Canadian teams in MLS in the first phase of the league's revised schedule. The Reds have dominated the Canadian Championship in recent years, having reached the final in five straight seasons, and winning the tournament seven times overall.