What's the Correct Time?

Toronto time is 0703:22 hrs EST

EST = (UTC - 05:00)

Local date is Monday, 22 December 2014
Coordinated Universal Time is 1203:22 hrs GMT

Clocks are to be retarded by one hour
at 0200 hrs on Sunday, 2 November 2014,
and clocks are to advanced by one hour
at 0200 hrs on Sunday, 15 March 2015.

When to Change Clocks in Other Areas in Canada

About Daylight Saving Time
Canadian Time Zones and Daylight Saving Time
United States Naval Observatory Precise Time
The World Clock - Time Zones