I don't know much about these schools (that is why i asked about UWO in other thread) but i think your research interests might help for people wanting to give you any advice.
Are you planning on completing your PhD at the respective university or do you hope to re-apply somewhere else after?
U of T is probably the better choice if its the latter, they have a better reputation. Otherwise for PhD both are strong programs, UWO will be much more collegial I believe, they have a reputation for treating their students well (and U of T often has the opposite reputation). Also note that UWO does not require you to have any TA duties (whilst still getting all of the financial benefits) at least for the first year. You also get your own private office I think in first year.
Then of course as mentioned above is your research interests, and how well they line up with the faculty in each dept.
Currently Attending: Queen's MA Econ
Attending Fall 2009: NYU PhD
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