McClement will make $1 million during the 2014-15 season.
"Jay is a veteran centreman who is proficient in the faceoff circle," Carolina general manager Ron Francis said in a statement. "He'll also provide elements of consistency and leadership for our club."
The 31-year-old McClement played the past two seasons for the Leafs and had 12 goals and 15 assists during his time in Toronto.
A native of Kingston, Ont., McClement led the Leafs with a faceoff percentage of 53.6 this past year.
Obviously he's been my favorite goalie since I grew up. He's kind of close to my hometown so I've been watching him my whole life. It's a pretty special moment for me to score two goals on Lundqvist in such an important game as this.
— Capitals forward Andre Burakovsky after scoring his first two Stanley Cup Playoff goals against his childhood idol Henrik Lundqvist