Leivo became the odd man out among the Maple Leafs forwards after William Nylander was signed to a six-year contract over the weekend.
The 25-year-old Leivo makes $925,000 this season and is set to be a restricted free agent at the end of 2018-19. Leivo has four goals and six points in 27 games played this season.
Carcone, 22, has appeared in 20 games with the AHL Utica Comets during the 2018-19 season, recording six goals and 17 points. Carcone has 26 goals and 62 points in 149 total games for the Comets over the last three seasons.
The Ajax, Ont., native was signed by the Canucks as a free agent in July 2016 after recording 59 goals and 130 points for the QMJHL’s Drummondville Voltigeurs from 2014-16.
In a corresponding move, Toronto has recalled defenceman Travis Dermott from the Marlies.
Vancouver also lost winger Brendan Leipsic to the Los Angeles Kings through waivers.