The team did not release contract details for Miles, who was acquired from the Indiana Pacers in a sign-and-trade deal July 9. He reportedly agreed to a three-year, $25 million deal with a player option on the final season.
"C.J. is an exceptional shooter and adds versatility to our perimeter game," Raptors president and general manager Masai Ujiri said. "We are excited to add a player with experience level to our core group."
Miles, 30, averaged 10.7 points and shot a career-best 41.3 percent from 3-point range last season. He has a career average of 9.8 points over 12 NBA seasons with the Utah Jazz, Cleveland Cavaliers and the Pacers.
"I'm excited, I've watched this team become special over the last few years," said Miles, who was acquired for point guard Cory Joseph.