Tlusty will report to Carolina's American Hockey League affiliate, the Albany River Rats.
''This trade gives us an opportunity to pick up a young, skilled forward who is further along in his development, albeit still in the development phase,'' president and general manager Jim Rutherford said. ''We feel that Jiri has a chance to be with the Hurricanes sooner than Philippe, who is a good, but still very young prospect.''
Tlusty, 21, is a former first round draft selection (13th overall) of the Maple Leafs. The Slany, Czech Republic, native has played in 74 career NHL regular-season games with the Maple Leafs, scoring 10 goals and earning 10 assists.
In 105 career AHL regular-season games with the Toronto Marlies, Tlusty scored 43 goals and 60 assists, including eight goals and seven assists in 19 games this season.
Paradis, 18, was the Hurricanes' first round draft pick (27th overall) in 2009. He was ranked 26th among North American skaters by NHL Central Scouting prior to the 2009 Entry Draft.
The Normandin, Quebec, native registered 19 points (8 goals, 11 assists) and 43 penalty minutes in 26 games with the Shawinigan Cataractes of the QMJHL this season.
Paradis has played 137 games with Shawinigan over three seasons (2007-2009), posting 38 goals and 54 assists for 92 points with 161 penalty minutes.