Amir Johnson had eight points and 10 rebounds for the Raptors, who had lost two straight.
Calderon had not scored more than 20 points since a 21-point performance at Washington on Jan. 15, a span of 20 games.
It was another difficult night for Hornets point guard Chris Paul, who made just three of 10 shots and finished with seven points, five assists and four rebounds.
Paul went 2 of 12 and matched a season low with six points in Sunday's loss to Houston. He has not shot better than 50 percent in his past 10 games.
Trailing by 10 points to start the fourth, the Hornets opened the quarter on an 11-4 run, making five of their first six shots. Toronto called time after 3-pointer by Belinelli cut their lead to 76-73 with 8:54 remaining.
Bargnani stopped the run with a jumper, and a 3 by Calderon gave Toronto an 84-76 lead with 7:11 left.
Toronto led 94-87 on a thunderous dunk by Amir Johnson with 1:29 left, but a three-point play by Landry made it 94-90 with 47 seconds remaining. Calderon capped it with a pair of free throws.
Calderon had eight points and six assists in the first quarter as the Raptors built a 27-20 lead.
The Hornets battled back to tie it at 37-all on a jumper by Landry with 6:04 left in the half. But the Raptors made their next six shots and New Orleans missed four of five as Toronto responded with a 14-2 run over the next four minutes. Weems scored 10 points in the second and DeRozan added eight, giving the Raptors a 57-42 lead at the half.
James Johnson scored nine points in the third and Toronto maintained its 15-point edge until the final minute of the quarter, when a pair of free throws from Jack and a 3-pointer by Belinelli trimmed the Raptors lead to 10, 72-62, heading into the fourth.
NOTES: Calderon's career high in assists in 19, set twice previously. He had 19 against Minnesota on Feb. 4. ... The Raptors were scheduled to fly to London following the game. They'll face the New Jersey Nets in the English capital on Friday and Saturday, the first regular-season games played in Europe. ... This was the first of five road games in seven days for the Hornets as they get away from New Orleans during the height of Mardi Gras season.