Environment Canada has issued a snowfall warning for Toronto on New Year's Eve.

Forecasters predict about 15 centimetres will fall along the Highway 401 corridor. However, Toronto should see between five and 10 centimetres.

The snow should begin falling in the city at around the same time revelers ring in the New Year.

The weather is coming from a low pressure system developing over Missouri and heading northeast over Lake Erie.

Some areas in eastern Lake Ontario could see up to 25 centimetres of snow, according to Environment Canada.

"Snow will gradually taper off during the day Tuesday over most of southern Ontario," the government agency said on its website.

The weather should make traffic a little trickier on the way home from the celebrations.

City crews say they're preparing for the snowfall by loading up their entire fleet of salt trucks and snow plows.

"We've got our front-end loaders ready to go for the storm tonight if it happens," said Dan LaPointe, speaking to CTV Toronto.

Public transit may be the best way to travel tonight, police said. The wait for a taxi could take a while as New Year's Eve is the busiest night of the year for the industry.

"The storm will play havoc as far as the drivers getting to the people, but at the same time it is the busiest night of the year, whether it's 17 degrees Celsius or -17C," said Doug Taylor from Co-op Cabs.

What's open and closed

As Toronto gets set to usher in the new year, retailers take their final break of the holiday rush. Here's a list of what's open and closed New Year's Eve and New Year's Day:

New Year's Eve:

  • The last subway train leaves Union Station at 3:32 a.m. for Finch Station and 3:36 a.m. for Downsview Station.
  • The last subway train leaves Bloor-Yonge Station at 3:37 a.m. for Kipling Station and 3:34 a.m. for Kennedy Station.
  • Grocery stores, shopping malls close early

New Year's Day:

  • Most shopping centres though the Eaton Centre, Vaughan Mills and the Pacific Mall are open
  • Banks
  • Government offices
  • Canada Post
  • Grocery stores

TTC operates on a Sunday schedule and GO Transit on a holiday schedule