The airport broke the magic 40mppa yesterday and expects the figure to rise to 41 million by year end.
According to operator Greater Toronto Airports Authority (GTAA), Canada's largest airport has been experiencing unprecedented growth in passenger numbers in 2015, with traffic up by 7% in the year to date.
"Reaching 40 million passengers at Toronto Pearson is symbolic of the growth of our region," enthuses GTAA's president and CEO, Howard Eng.
"This airport is among the fastest growing in North America, giving passengers the ability to reach more than 65% of the world's economy through daily, non-stop flights from Toronto.
"Our success would not be possible without our key domestic carriers Air Canada and WestJet, as well as the hard work of all 40,000 employees at Toronto Pearson."
Indeed, Toronto Pearson' was the second-fastest growing airport in North America last year after Seattle-Tacoma, growing at a rate of 6.8% as 38.6 million passengers passed through its facilities.
GTAA figures state that Toronto Pearson currently contributes the equivalent of C$35.4 billion to Ontario's annual GDP and is a major provider of jobs with some 40,000 staff being employed on the airport site and an additional 227,000 people elsewhere across the region owing their livelihoods to the existance of the gateway.
"Toronto Pearson continues to grow as a hub in global air transportation and is an important economic generator for this region and this country," notes Marc Garneau, Canada's Minister of Transport.
"Even in this period of tremendous growth Toronto Pearson has made strides in managing its environmental impact, reducing its greenhouse gas emissions by almost 50 percent since 2006. I applaud these continuing efforts to reduce the impact of air transportation on our environment."
GTAA says that in the past few years, Toronto Pearson has enhanced the passenger experience by growing its already extensive offering of amenities, restaurants and retail, which have received international attention.
Additionally, it now offers a direct rail-link to Toronto's central business district through the 2015 launch of the UP Express.
"Our airport is more than just a means to an end for travellers," adds Eng.
"It represents the joy of the journey. We plan to continue to expand our global reach and scope of services as we achieve our vision of becoming the best airport in the world.
"We can't do it alone. We need all levels of government to work with us to ensure that our passengers can transit to and from the airport efficiently as possible, and that we offer a hassle-free flow through customs and security screening points."