A tenancy can only be terminated for own use at the end of the rental period or term. The Form N12 notice you would give the tenant to take back possession of the premises cannot be given until 60 days before the end of the lease term. Therefore, the tenant would have to agree to vacate before you could break the lease and take possession. When serving an N12 notice  the landlord is required to give the tenant one month’s compensation before the termination date on the notice or offer the tenant another unit that is acceptable to them.

If the tenant is in agreement, the best way to terminate is both landlord and tenant signing an N11 agreement – available here https://tribunalsontario.ca/ltb/forms/– to terminate the tenancy. ANY termination date can be agreed upon and used. In most cases however, the tenant would not sign this without some form of compensation from the landlord (2 or more months rent, for example). If the agreement is signed by all tenants, and the tenant fails to move, then a termination order can be obtained quite quickly by filing an L3 application and a declaration with the Landlord and Tenant Board (available from the same web site).