The proposed SmartTrack Go train station for Finch/Kennedy in Scarborough, called the Finch East station, will be the station right between the existing Milliken (near Steeles Aveenue) and Agincourt (near Sheppard Avenue). Finch is a very busy route and the station would connect people to the more east-bound Finch express buses.
There are, as always, concern over implications for building in this location. The current location includes a medical building, a small shopping plaza, a small Chinese grocery store, Purolator center and a storage space business.

SmartTrack Finch East Go station at Kennedy/Finch. Google map superimposed with one from UrbanToronto.
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SmartTrack Kennedy/Finch Go Train Station, Toronto: Implications
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After the $4B cut, here's what Metrolinx proposes for the TTC: Sheppard East is Ok, a 5 year delay for the rest
Promises are made by the Ontario Provincial government and are quickly broken. This seems to be the way of the Ontario government. Much of this is beyond the control of the average tax payer, until an election looms. Such is life with the TTC’s Transit City Plan. Recently the previously promised funding for Transit City had been cut by $4B by the Ontario provincial government (cut or deferred, the money is unavailable) , from an original $8.2B. That’s a 49% drop. Yesterday Metrolinx released what they propose to do with the scaled down $4.2B budget. The skinny: The Sheppard East LRT is largely intact, all other lines (Scarborough RT, Finch, Eglington) will be delayed 5 years. It’s best to assume that the other 3 lines will not get built, as within 5 years a project can easily lose funding for whatever reason.