The 2nd Toronto Film Critics Association Awards, honoring the best in film for 1998, were held on 16 December 1998.^[1]

• Best Actor:
  • Ian McKellen - Gods and Monsters

Runners-Up: Robert Duvall – The Apostle and Tom Hanks – Saving Private Ryan

• Best Actress:
  • Cate Blanchett - Elizabeth

Runners-Up: Christina Ricci – The Opposite of Sex and Pascale Bussières – August 32nd on Earth

• Best Canadian Film:
  • Last Night

Runners-Up: Nô and The Red Violin

• Best Director:
  • Steven Spielberg - Saving Private Ryan

Runners-Up: Todd Solondz – Happiness and Steven Soderbergh – Out of Sight

• Best Film:
  • Saving Private Ryan

Runners-Up: Happiness and The Celebration

• Clyde Gilmour Award:
  • Gerald Pratley