Unfortunately closed! The website cityrinks.ca announces it will be removed.
If you walk south, around the large building at the south-west corner of Yonge and College, you'll reach College Park (officially known as Barbara Ann Scott Park). Out of sight, it featured one of the biggest fountains with a reflecting pool in the city. There were sculptures of a bear and an eagle in the park. In the winter, it turned into the loveliest artificial ice rink, with the advantage of a Tim Horton's in the Toronto College Park building to buy hot chocolates for the kids. All of it a couple of minutes walking distance from College Subway Station. I don't know if the fountain will be removed as well for Spring 2014.