Reimer, a restricted free agent, was scheduled to go to arbitration Monday. He will get $2.6 million this season and $2 million in 2015-16.
Reimer lost the starting job to Jonathan Bernier last season, but was forced into service with Toronto's playoff hopes on the line when Bernier sustained a knee injury that ended his season.
The 26-year-old goalie was 12-16-1 with a 3.29 goals-against average last season. In four seasons with Toronto, he's 65-48-15 with a 2.85 GAA.