Holland has played 22 games with the Maple Leafs this season, registering nine points (five goals, four assists) and 10 penalty minutes.
The six-foot-two, 194-pound centre also posted a goal and two penalty minutes in four games with the Anaheim Ducks this season before being acquired by Toronto on Nov. 16.
Holland, who was assigned to the Marlies on Wednesday, scored three goals and had 10 shots on goal in two AHL games. He also posted five goals, four assists, nine points and 22 penalty minutes in 10 games with the AHL's Norfolk Admirals earlier this season.
To make room, forward Jerry D'Amigo was sent to the Marlies.
Jerry D'Amigo has a goal and an assist in 19 games with the Maple Leafs this season.
The five-foot-11, 208-pound had eight points (five goals, three assists) with eight penalty minutes in 19 games with the Marlies this season.