The 27-year-old forward agreed the move last month, but was expected to see out the campaign in Turin.
However, the Serie A leaders announced on Monday that Giovinco would not feature again as he prepares for the MLS' opening round in early March.
"Sebastian Giovinco has today ended his time in Turin and completed a move to MLS Soccer side Toronto FC," a statement from Juve read.
"His last appearance, a man-of-the-match display in the Bianconeri's 6-1 Coppa Italia last 16 drubbing of Hellas Verona on 15 January at Juventus Stadium, ultimately proved to be a fitting send off for a player who has always held the black and white stripes dear to his heart.
"Everyone associated with Juventus Football Club would like to thank Seba for all his efforts and wish him every success for his new adventure in Canada."
After making his Juve debut in 2007 the Italy international has gone on to make 121 appearances in all competitions, scoring 18 goals.
