Hurricanes general manager Jim Rutherford says Thursday's deal brings his team someone "who is further along in the development phase."
The 21-year-old Tlusty is in his third full professional season in North America and went to Toronto with the 13th pick in 2006. He has 10 goals and 10 assists in 74 career NHL games.
Carolina selected Paradis in June with the 27th pick and the forward has eight goals and 11 assists with Shawnigan of the Quebec Major Junior Hockey League.
Carolina also recalled defenseman Bryan Rodney from its AHL affiliate in Albany.