The deal announced Tuesday will pay the 33-year-old blue-liner an average of US$4.25 million per season.
"Tomas is one of the top puck-moving defencemen in the NHL and (a) power-play specialist," Hurricanes GM Jim Rutherford said in a release. "He has had a good career and is now a Stanley Cup champion. We welcome him to Carolina and look forward to his contributions to the Hurricanes."
Kaberle split the 2010-'11 regular season between Toronto and Boston. He had 47 points (four goals, 43 assists) in a combined 82 regular-season games with the Maple Leafs and Bruins.
The six-foot-one, 214-pound Czech added 11 assists in 25 playoff games. The Bruins beat the Vancouver Canucks in a seven-game Stanley Cup final.
Kaberle, who also earned $4.25 million last season, has recorded 529 points (84-445) in 902 career regular season games with Toronto and Boston. He was selected by Toronto with the 204th overall pick in the 1996 NHL entry draft.
Also Tuesday, the Hurricanes dealt blue-liner Joe Corvo to the Bruins for a fourth-round pick in next year's draft.