This "plan" is clearly just lines on a napkin which conveniently pick up media coverage prior to an election. There aren't any solid plans to extend the Ontario Line west.
If you do, however, wish to extend the OL westward, then
@W. K. Lis ' suggestion of taking over the UP Express route is very reasonable. For the price of two grade separations, you can extend the subway 25km to the airport.
The main benefit of this is that it frees up a lot capacity in the Union Station Rail Corridor. There is a notorious 10-track pinch point at John Street which somehow needs to accommodate the 12 tracks west of Spadina. Rerouting 2 of those 12 tracks away from Union eliminates the pinch at John Street.
The two routing options for the Ontario line would be to either extend it beyond Exhibition with a tunnel, or the to split off of the corridor east of Exhibition, with Exhibition - Science Centre becoming a short turn branch. The tunnel through West Toronto would probably add about $2 Billion to the pricetag, so I'm going to illustrate the "split" option:
The first of the two new grade separations required would of course be the merge into the Ontario Line tunnel, consisting single-track tunnels connecting to the GO corridor at the Strachan Avenue Grade Separation.
Dundas West (actual name TBD): no major changes. Metrolinx is already connecting the (currently) GO platforms to the east end Line 2 platform, and adding a 6th track on the east side.
West Toronto Junction: no changes
Mount Dennis: no major changes.
At minor stations such as Weston, Stockyards (St Clair), and Liberty Village, only the Ontario line would have platforms. To maintain sufficient capacity for GO and VIA despite only having 2 mainline tracks, it is essential that mainline services all have around the same average speed through the 2-track segment. Only major interchanges (Dundas West, Mount Dennis and Pearson Junction) would have platforms for mainline trains.
East of Highway 27 there are some industries on the south side which have CN freight spurs.
The second (and final) new grade separation required would take the Ontario line up and over that CN spur, and could also include grade separation between the "3A" Airport branch and "3B" Bramalea branch:
Oh yeah, I included a Bramalea branch to take pressure off of the 2 mainline tracks.
At Bramalea, the Ontario line would use the south platform which Metrolinx is already going to expand to an island as part of GO OnCorr package.