Toivonen, who's in his fourth year with the Bruins organization, appeared in 18 games for Boston this season, posting a record of 3-9-1 and a goals-against average of 4.23.
"We feel that Hannu has shown the dedication and the proper attitude the whole year," said Bruins GM Peter Chiarelli in a statement. "Hannu has the right head, the right heart and all of the tools to be a good NHL goalie for many years."
In Providence this season, Toivonen appeared in 27 regular season games, posting a record of 13-13-1 and a goals-against average of 2.37. He has also tallied one assist.
The 22-year-old Finland native is slated to be in action with Providence Thursday when the club hosts the Hartford Wolf Pack in Game 5 of the first round series in the Calder Cup playoffs.