No, they don't accept EZ Pass. You need a specific transponder, same as you need specific transponders for the the tolls in Florida, Texas, Kansas, Oklahoma and California.
On the 407, if you are a commercial vehicle you
must have an electronic transponder installed. If you don't, you can still use the Toll Road, but you'll pay through the nose to do it. For cars and less-than-5000kg vehicles (cargo vans), it's 18-19.85 cents a mile (peak or off-peak), plus 25 cents per trip, plus video toll (VTC) charges of $3.25 (video records you license plate).
For single-unit trucks, it's between 36-49.7 cents a mile, plus 50 cents per trip, plus $50 for the VCT. The $50 VTC is currently temporarily discounted to $15 per trip, but it appears they are doing that, and then also fining the driver for not having a transponder under the Highway Traffic Act, which is way more than $50. See, they realized that a $15 video toll and then a fine for not having the transponder gives them more revenue than the $50 VTC.
Oh, I forgot about the $15 collection fee for them having to mail you a bill, and the $18 enforcement fee for having to enforce the law against you, and, if you dispute the charges and want to file an appeal, they charge you $100 for that, too. These are for both cars and trucks.
An otherwise cheap-ish toll could end up costing you well over $100. More if you appeal it.
I've never ventured onto the 407, but I know several who have. Not one, as far as I know, have ever done it again.
407 ETR - Tolls & Fees