Franchitti completed one lap around the 1.75-mile circuit in 59.675 seconds. It was his third pole of the year and the 32nd of his career, moving him into a tie for sixth place on the all-time list.
He is coming off his best showing of the year, a third-place finish at Pocono Raceway.
Franchitti won the first IndyCar race in Toronto four years ago. He will share the front row with Sebastien Bourdais, who was timed in 59.770 seconds.
The green flag will fall for Saturday's race at 3:30 p.m. ET. There will be another race on Sunday, scheduled to begin at the same time. Qualifying for Sunday's race will be held Saturday morning.