Holland and Ashton are both 23 years old and split time between the Leafs and the AHL's Toronto Marlies last season.
Holland, a former 15th-overall draft pick, had 10 points in 39 NHL games, and was the Marlies' leading scorer in the Calder Cup Playoffs. He was acquired in a trade from the Anaheim Ducks in November 2013.
More from The Globe and Mail:
While Ashton simply accepted his qualifying offer of $850,500 on a two-way deal, Holland received a one-way contract for what’s believed to be a little less per year in order to get more financial security. (Players on one-way deals are paid NHL money even in the minors.)
The signings leave the Leafs with only three free agents left unsigned. Cody Franson and James Reimer both have arbitration hearings scheduled for later this month. Defenseman Jake Gardiner is also unsigned.
- Dan Gartland