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You should spend 3 or 4 days in Toronto and spend 1 day and 1 night in Niagara. If you are going to be in Niagara Falls in late November the Festival of Lights will be on; the kids should love the Disney display.
It's only a couple of hours at most from Niagara Falls or Niagara on the Lake to Toronto, so you could enjoy a play and then still drive to Toronto, checking into your Toronto hotel before midnight. would suggest you decide exactly what it is you want to do in Niagara Falls before deciding how many days to spend there. Here is a link that lists the Canadian side attractions: http://www.niagaraparks.com/. Here is a link that lists the US side attractions: