Hi Arie,
Let's see if I can answer at least some of your questions.
If you think you'd like to have a bike handy for the duration of your trip across Canada, then you're going to need to buy one. Not sure what kind of a bike you're looking for, for department store-type lower end bicycles you can look up Canadian Tire
http://www.canadiantire.ca and Sport Check
http://www.sportchek.ca/home/index.jsp. I think they should start bringing in bicycles soon. For something better, there are many bike stores in Toronto, depending what you're looking for.
Toronto is a busy city and as much as we try to make it bike friendly, there's lots to be done. Roads are busy and drivers not as friendly as they should be in some cases. If you're comfortable riding in traffic, you will be fine. There are some nice trails that you can take along the lake and up the two rivers we have, that are car free. Have a look at bicycle routes around the city here:
http://www.toronto.ca/cycling/map/index.htm
You can plan your route here:
http://www.ridethecity.com/toronto
I'm not quite sure what's the best route from the airport to downtown, haven't done that on the bike.
You're best to ask your hotel about the rentals, not sure if they would have any.
All TTC buses have a bike rack with room for two bicycles at the front of the bus. During the week, you are allowed to take a bike on the subway in off-peak hours only. After 10:00 am to 3:30 pm, and after 7:00pm. Weekends are fine at any time.
I just checked Google maps for getting from the airport to Bolton. Looks like you have three buses to get there.
http://maps.google.ca/maps?oe=utf-8&...&ved=0COMBELYD
I'm trying to find another mode of transportation, GO bus, but will have to come back to it later. I'm sure others will be along shortly to help as well.