That's a fuse cutout. It goes inline before the transformer feeding your house. It protects the line and transformer from overloads. The lineman can also disconnect it if they need to service the transformer or electric meter.

I get that this is in Toronto, but I was looking forward to a version of Grand Theft Auto based on Canadian stereotypes.

Sorry for tangent, but I was wondering is there a sort of playful version of this community that’s like what is this thing, where a person posts something unusual looking, and except then everyone has to contribute something entertaining that’s obviously not real. Like something funny describing and/or giving a name for it?

Seems like that would be kind of fun. Or is that just acceptable in this community for laughs?

I didn't realize what comm I was in and was looking for some pornographic symbolism that was eluding me.
I'm ambivalent about the outcome.

That's part of a lightning arrestor. Basically a fuse that disconnects the power locally if a strong current suddenly passes through, like from lightning.